Top Latter-day Saint leaders signed off on the approach, investigators say, to keep the size of the holdings a secret.
The Church Office Building, shown Tuesday, Feb. 21, 2023, is reflected in a downtown Salt Lake City building, where Ensign Peak Advisors, the investment arm of The Church of Jesus Christ of Latter-day Saints, is located.How did The Church of Jesus Christ of Latter-day Saints and its Salt Lake City investment firm, Ensign Peak Advisors, hide billions of dollars in stock holdings?
Securities laws require investment managers with control over at least $100 million in publicly traded stocks to disclose the fair market value of the assets under their management. And throughout most of its 26-year history, the SEC said, Ensign Peak was aware of this requirement to file such disclosures, known as, and brought the rule to the attention of senior church leaders — along with a plan to get around it.
Then, with approval of senior church leaders, Ensign Peak filed its public disclosures from February 2003 through September 2006 under that company name. Then, in 2015, someone reportedly began connecting the holdings of those LLCs back to Ensign Peak, and its managers again brought the matter to the church’s attention. Senior church leaders approved a plan to “gradually and carefully adapt Ensign Peak’s corporate structure to strengthen the portfolio’s confidentiality.” The SEC said Ensign Peak then formed six additional clone LLCs.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Church of Jesus Christ of Latter-day Saints, Its Investment Adviser Settle SEC ProbeThe Church of Jesus Christ of Latter-day Saints' money manager will pay $4 million to settle SEC claims of obscuring the church's investments
Read more »
LDS Church and investment firm agree to pay $5M for going to ‘great lengths’ to hide its stock holdingsBREAKING: The LDS Church and its investment firm Ensign Peak have agreed to pay $5 million for going to 'great lengths' to hide its stock holdings.
Read more »
LDS Church, investment fund charged with disclosure failures, misstated filingsBREAKING SEC charges investment fund operated by the Church of Jesus Christ of Latter-day Saints with failing to file forms that disclosed its investments.
Read more »
‘Mormon Land’: Does the LDS Church simply have too much money?'Mormon Land': Will unflattering headlines about the church’s wealth ever end? What might be the final outcome? Does this global faith of nearly 17 million members simply have too much money?
Read more »
LDS Church and its investment firm agree to pay $5M for going to ‘great lengths’ to hide stock holdingsThe LDS Church acknowledged it hoped to “maintain the privacy of the portfolio.” The SEC has taken action. Will the IRS and the U.S. Senate now follow suit?
Read more »
LDS Church investments bounce back, shoot up by $4.1B after three straight quarterly lossesThe most prominent investment portfolio of The Church of Jesus Christ of Latter-day Saints grew by $4.1 billion as 2022 drew to a close.
Read more »