In order to appease regulatory bodies, the Church of Jesus Christ of Latter-day Saints and its investment manager has agreed to pay a $5 million fine.
The Securities and Exchange Commission announced on Tuesday that the LDS Church’s investment management firm, Ensign Peak Advisers, had failed to file forms required to report the value of certain church investments. The SEC claimed the firm misrepresented its role in the church’s investment decisions by filing paperwork for “shell” companies.
Since the church was responsible for the violations, the SEC has filed charges against it and against Ensign Peak. To paraphrase the SEC, the LDS church was worried that disclosing its portfolio, which had grown to about $32 billion by 2018, would have unfavorable consequences.
Ensign Peak agreed to pay a $4 million fine and the LDS church agreed to pay a $1 million penalty to settle the charges.
“We allege that the LDS Church’s investment manager, with the Church’s knowledge, went to great lengths to avoid disclosing the Church’s investments,” Gurbir Grewal, director of the SEC’s Division of Enforcement, said in a news release.
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Latter-day Saints adherents have traditionally practiced tithing, the giving of 10% of one’s income to the church. A statement released by the LDS Church on Tuesday claimed that Ensign Peak and the Church had worked with authorities to find a solution.
“We affirm our commitment to comply with the law, regret mistakes made, and now consider this matter closed,” the church said.
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