SEC Charges Mormon Church Over Obscuring $32B Portfolio (1)

SEC says it charged Ensign Peak Advisers, an entity operated by The Church of Jesus Christ of Latter-day Saints to manage the Church’s investments, for obscuring a $32 billion portfolio through shell companies.

• Also charged the Church for causing these violations
• Ensign Peak agreed to pay a $4 million penalty and the Church agreed to pay a $1 million penalty to settle the charges
• “According to the order, the Church was concerned that disclosure of its portfolio, which by 2018 grew to approximately $32 billion, would lead to negative consequences”
• “With the Church’s knowledge and approval, Ensign Peak created thirteen ...