Mormon Church Faces SEC Fine For Hiding $32 Billion Investment Portfolio
The Church's non-profit arm is in hot water with the SEC.
The Church's non-profit arm is in hot water with the SEC.
The SEC brought charges against Ensign Peak, a Church of Jesus Christ of Latter-day Saints-run non-profit organization that manages the Church's investments.
To settle the charges, Ensign agreed to pay a $4 million penalty while the Church agreed to pay $1 million.
Ensign Peak failed to file Forms 13F between 1997 and 2019. The forms would have disclosed the equity investments tied to the Church.
"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," the SEC said.
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