The 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?
The overarching drive of The Church of Jesus Christ of Latter-day Saints to keep the size and scope of its wealth hidden at all cost is now going to cost it., the Utah-based faith and its investment arm, Ensign Peak Advisors, have agreed to pay $5 million in penalties for failing to properly disclose past stock holdings and going to “great lengths” to deliberately “obscure” the church’s investment portfolio.the church and Ensign Peak.
“We affirm our commitment to comply with the law,” it said, “regret mistakes made, and now consider this matter closed.”What the SEC found Despite the establishment of these limited liability corporations — which the SEC order says were formed for the “sole purpose” of “preventing public disclosure” by Ensign Peak of the “amount and nature” of the church’s assets — Ensign Peak still was calling the shots, investigators found, and “retained control over all investment and voting decisions.”
Still, the SEC expressed concern about Ensign Peak’s “reporting approach” in June 2019, which prompted the investment managers to begin filing a “single aggregated report.”
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