The US Securities and Exchange Commission (SEC) has charged the Mormon Church for its $32 billion secret investment portfolio. Specifically, the charges are surrounding the church’s failure to “file forms that would have disclosed the Church’s equity investments,” according to the press release.
The charges are aimed at “The Church of Jesus Christ of Latter-day Saints and its investment management company,” according to the regulator. Moreover, the statement notes that the investment management firm, Ensign Peak Advisors, and the church have agreed to settlements.
SEC Officially Charges the Mormon Church
The SEC has officially filed charges against the Mormon Church for its $32 billion secret investment portfolio. A press release published today has stated that the charges are directed both at the Church and its investment firm, Ensign Peak Advisors Inc.
Specifically, the charges are aimed at the Church of Jesus Christ of Latter-day Saints failure to file the necessary paperwork to support the portfolio. Stating the church alternatively filed forms “for shell companies that obscured the Church’s portfolio and misstated Ensign Peak’s control over the Church’s investment decisions.”
Both entities were charged, with the press release stating that they have already settled the charges. Noting that “Ensign Peak agreed to pay a $4 million penalty and the Church agreed to pay a $1 million penalty.”
Furthermore, the findings have signified that the violations between the two entities took place “from 1997 through 2019,” in their failure to file correct forms. The press release also noted that the Church obscured its portfolio due to concern over its perception leading to “negative consequences.” Conclusively, by 2018, the investment portfolio had grown to $32 billion.