The Church of Jesus Christ of Latter-day Saints and its investment arm are paying $5 million in fines for creating shell companies to hide their holdings from the public.
"The Church was concerned that disclosure of its portfolio, which by 2018 grew to approximately $32 billion, would lead to negative consequences," the U.S. Securities and Exchange Commission wrote in an orderEnsign Peak Advisors — which the church created to manage its investments — filed its legally required public disclosures via 13 shell companies it set up to avoid filing itself, which would make its full investments public, according to the SEC news statement.
The nonprofit investment company also "directed nominee 'business managers,' most of whom were employed by the Church, to sign [the filings]," the SEC wrote.
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