Mormon Church Fined $5 Million For Obscuring Size Of Portfolio
February 22, 2023 10:07AM PST
Credit: MGN
SALT LAKE CITY (AP) – The U.S. Securities and Exchange Commission says The Church of Jesus Christ of Latter-day Saints and its investment arm will pay $5 million in fines.
The SEC alleges the church used shell companies to obscure the size of the portfolio under the church’s control.
Agency investigators said Ensign Peak Advisors, a church portfolio manger, hadn’t filed required paperwork to disclose the value of some assets.
The agency fined Ensign Peak $4 million and the church $1 million.
The faith, widely known as the Mormon church, maintains billions of dollars of investments.
It has faced increasing scrutiny because religious groups are largely exempt from paying U.S. taxes.
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