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On February 21, 2023, the United States Securities and Exchange Commission (SEC) charged the Church of Jesus Christ of Latter-day Saints (LDS Church) and its non-profit investment arm, Ensign Peak Advisors (EP), for failing to disclose the LDS Church's investments, and instead creating shell companies whose purpose was to obscure the church's portfolio.
Feds fine Mormon church for illicitly hiding $32 billion investment fund behind shell companies. Rob Wile. Updated February 21, 2023 at 11:00 AM. Al Drago.
The Church of Jesus Christ of Latter-day Saints and a nonprofit entity that it controlled have been fined $5 million by the Securities and Exchange Commission over accusations that the religious ...
The church has filed for a rehearing in the appeals court, saying the church president had explained the project would be paid for through investment earnings and not tithing funds. Show comments ...
Ensign Peak Advisors (/ ˈ ɛ n s aɪ n / EN-syne) [3] (EP) is the investment manager for assets of the Church of Jesus Christ of Latter-day Saints (LDS Church). [4]In 1997, the investment division of the LDS Church was spun off into a separate legal entity named after Ensign Peak, a hill that overlooks Salt Lake City. [4]
In December 2019, a whistleblower alleged the church holds over $100 billion in investment funds, which are managed by an affiliate, Ensign Peak Advisors; that it failed to use the funds for charitable purposes and instead used them in for-profit ventures; and that it misled contributors and the public about the usage and extent of those funds.
Ensign Peak has spent funds only twice in its 26-year history, according to both lawsuits. In 2009, Ensign Peak spent $600 million to bail out a failing church-owned, for-profit life insurance ...
In December 2019, a whistleblower alleged the church held over $100 billion in investment funds through its investment management company, Ensign Peak Advisors (EP); that it used these funds in for-profit ventures rather than charity; and that it misled contributors and the public about the usage and extent of those funds.