The Church of Jesus Christ of Latter-day Saints and its investment arm have been fined $5 million for using shell companies to obscure the size of its $32 billion portfolio, which was under church control, the U.S. SEC announced Tuesday.
The Church of Jesus Christ of Latter-day Saints and its investment arm have been fined $5 million for using shell companies to obscure the size of its $32 billion portfolio, which was under church control, the U.S. Securities and Exchange Commission announced Tuesday.
The Mormon church"went to great lengths to avoid disclosing the Church's investments," Grewal said in the The church has agreed to pay $1 million and Ensign Peak will pay $4 million in penalties based on the violation. In 2019, a whistleblower alleged the church had stockpiled nearly $100 billion in funds, rather than directing it toward charitable causes. Ensign Peak has since been a source of intrigue and mystery for the nearly 17-million member Utah-based faith, which encourages members worldwide to give 10% of their income in a practice known as"tithing."
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mormon Church pays $5 million to settle accusations it covered up $32 billion investment portfolioWASHINGTON — The Mormon Church agreed Tuesday to pay $5 million to settle charges involving disclosure failures and misstated regulatory filings.
Read more »
Feds fine Mormon church for illicitly hiding $32 billion investment fund behind shell companiesNEW: The Church of Jesus Christ of Latter Day Saints and a nonprofit entity that it controlled have been fined $5 million by the SEC over accusations that the religious institution failed to properly disclose a multibillion-dollar investment fund.
Read more »
Mormon Church pays $5 million to settle accusations it covered up $32 billion investment portfolioThe Mormon Church agreed Tuesday to pay $5 million to settle charges involving disclosure failures and misstated regulatory filings.
Read more »
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 »
Mormon church fined $5M for obscuring size of portfolioThe Church of Jesus Christ of Latter-day Saints and its investment arm have been fined $5 million for using shell companies to obscure the size of the portfolio under church control, the U.S. Securities and Exchange Commission announced.
Read more »
Mormon Church Fined for Hiding $32B Investment Fund Behind Shell CompaniesThe Church of Jesus Christ of Latter-day Saints and an investment firm overseeing its assets are set to pay $5 million to settle allegations that it went to “great lengths” to hide a $32-billion fund & deliberately “obscure” the true size of its portfolio.
Read more »