Top Latter-day Saint leaders signed off on the approach, investigators say, to keep the size of the holdings a secret.
The Church Office Building, shown Tuesday, Feb. 21, 2023, is reflected in a downtown Salt Lake City building, where Ensign Peak Advisors, the investment arm of The Church of Jesus Christ of Latter-day Saints, is located.How did The Church of Jesus Christ of Latter-day Saints and its Salt Lake City investment firm, Ensign Peak Advisors, hide billions of dollars in stock holdings?
Securities laws require investment managers with control over at least $100 million in publicly traded stocks to disclose the fair market value of the assets under their management. And throughout most of its 26-year history, the SEC said, Ensign Peak was aware of this requirement to file such disclosures, known as, and brought the rule to the attention of senior church leaders — along with a plan to get around it.
Then, with approval of senior church leaders, Ensign Peak filed its public disclosures from February 2003 through September 2006 under that company name. Then, in 2015, someone reportedly began connecting the holdings of those LLCs back to Ensign Peak, and its managers again brought the matter to the church’s attention. Senior church leaders approved a plan to “gradually and carefully adapt Ensign Peak’s corporate structure to strengthen the portfolio’s confidentiality.” The SEC said Ensign Peak then formed six additional clone LLCs.
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