Mormon church fined for scheme to hide $32 billion investment portfolio
CBSN
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 faith, known as the Mormon church, maintains billions of dollars of investments in stocks, bonds, real estate and agriculture. Much of its portfolio is controlled by Ensign Peak Advisers, a nonprofit investment manager overseen by ecclesiastical leaders known as its presiding bishopric.
The Mormon church was allegedly worried that the size of its portfolio, which reached $32 billion by 2018, would lead to "negative consequences," according to the SEC. Ensign Peak avoided disclosing investments "with the church's knowledge," denying the SEC and the public accurate information required under law, Gurbir Grewal, the agency's enforcement director, said in a statement.
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