NEW: The Church of Jesus Christ of Latter Day Saints and a nonprofit entity that it controlled have been fined $5 million by the SEC over accusations that the religious institution failed to properly disclose a multibillion-dollar investment fund.
, the SEC alleged that the church illicitly hid its investments and their management behind multiple shell companies from 1997 to 2019. In doing so, it failed to disclose the size of the church’s equity portfolio to the SEC and the public.
“For more than half a century, the Mormon Church quietly built one of the world’s largest investment funds,” the Journal said. “Almost no one outside the church knew about it.” As a result, it said, Ensign Peak established"separate companies" that each filed required disclosure forms, instead of a single aggregated filing.
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