The Church of Jesus Christ of Latter-day Saints, the leading Mormon denomination, and a nonprofit operating under it will pay $5 million to settle SEC charges that the church failed to disclose its relationship to shell companies. CNBC
The SEC charged The Church of Jesus Christ of Latter-day Saints with failing to disclose its relationship to 13 LLCs and for misstating information in filings.
A Utah-based nonprofit that manages the church's investments and the church, itself, paid a total $5 million fine to settle the charges. The nonprofit also failed to file Forms 13F, which are required to disclose the value of certain securities overseen by investment managers, according to the SEC. The forms were filed in the name of the shell companies, instead of Ensign Peak Advisers. The agency said the records also misstated that the LLCs had sole investment and voting discretion over the securities, which the nonprofit really controlled.Sign up for NBC Philadelphia newsletters.
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