(February 22, 2023 at 12:06 am)Fake Messiah Wrote: Feds fine Mormon church for illicitly hiding $32 billion investment fund behind shell companies
The Church of Jesus Christ of Latter-day Saints engaged in the scheme for more than 20 years.
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 institution failed to properly disclose its investment holdings.
In an order released Tuesday, the SEC alleged that the church illicitly hid its investments and their management behind multiple shell companies from 1997 to 2019. In doing so, it failed to disclose the size of the church’s equity portfolio to the SEC and the public.
The church was concerned that disclosure of the assets in the name of the nonprofit entity, called Ensign Peak Advisors, which manages the church's investments, would lead to negative consequences in light of the size of the church’s portfolio, the SEC said.
https://www.nbcnews.com/business/busines...-rcna71603
A religious institution engaging in fraudulent practices? How unprecedented.
Boru
‘But it does me no injury for my neighbour to say there are twenty gods or no gods. It neither picks my pocket nor breaks my leg.’ - Thomas Jefferson