The Mormon Church agreed to pay $5 million to settle charges involving disclosure failures and misstated regulatory filings.
The Church of Jesus Christ of Latter-day Saints and its investment management company, Ensign Peak Advisers, failed for 20 years to file forms that would have disclosed the church's equity investments and, instead, filed forms for shell companies that obscured the church's portfolio, according to the Securities and Exchange Commission.
The church was concerned the disclosure of a portfolio that grew to $32 billion would lead to negative consequences so it consented to the creation of more than a dozen shell companies to cover its investments, according to the SEC. It continued, "The senior leadership of the Church approved Ensign Peak's recommendation to 'gradually and carefully adapt Ensign Peak's corporate structure to strengthen the portfolio's confidentiality.'"Through the use of this approach for almost 20 years, Ensign Peak's significant role in the securities markets as an institutional investment manager was not disclosed to the SEC, the markets and the investing public, the SEC said.
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