Federal regulators announced charges Tuesday against the Church of Jesus Christ of Latter-day Saints and its nonprofit investment arm, alleging that the money managers obscured the size of the church’s investments.
Instead, the SEC said, Ensign Peak created 13 shell companies with approval from the church and had them file the forms. But the shell companies were controlled by Ensign and the forms were signed by managers who mostly worked for the church.“We allege that the LDS Church’s investment manager, with the Church’s knowledge, went to great lengths to avoid disclosing the Church’s investments, depriving the Commission and the investing public of accurate market information,” Gurbir S.
The church confirmed the settlement in its own statement Tuesday, saying that it was acting on legal advice how to “comply with its reporting obligations while attempting to maintain the privacy of the portfolio.” It revised its reporting process after it heard from the SEC in 2019 and has filed a single report quarterly since, the
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