BREAKING SEC charges investment fund operated by the Church of Jesus Christ of Latter-day Saints with failing to file forms that disclosed its investments.
WASHINGTON — The U.S. Securities and Exchange Commission on Tuesday charged the Church of Jesus Christ of Latter-day Saints and its investment fund with failing to file forms that disclosed its investments.
The SEC said Ensign Peak has paid a $4 million penalty to settle the charges, while the Church paid a $1 million penalty. In its order, the SEC claimed Ensign Peak failed to file the proper 13F forms during a 22-year period beginning in 1997 because the Church was worried that the disclosure of its $32 billion portfolio would"lead to negative consequences."“We allege that the LDS Church’s investment manager, with the Church’s knowledge, went to great lengths to avoid disclosing the Church’s investments, depriving the Commission and the investing public of accurate market information,” said Gurbir S.
In a statement following Tuesday's announcement, Church leadership said it had relied on Ensign Peak legal counsel on how to fulfill its reporting obligations. "In June 2019, the SEC first expressed concern about Ensign Peak’s reporting approach. Ensign Peak adjusted its approach and began filing a single aggregated report. Since that time, 13 quarterly reports have been filed in full accordance with SEC requirements," the Church wrote.
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