BREAKING: The LDS Church and its investment firm Ensign Peak have agreed to pay $5 million for going to 'great lengths' to hide its stock holdings.
Within days of new stories revealing that theEnsign Peak Advisors, the investment arm of The Church of Jesus Christ of Latter-day Saints, the parties announced a settlement Tuesday.
The SEC charged the Salt Lake City investment firm with “failing to file forms that would have disclosed the church’s equity investments,” according to an agency, “and for instead filing forms for shell companies that obscured the church’s portfolio and misstated Ensign Peak’s control over the church’s investment decisions.” The SEC also charged the church with “causing these violations.”
“We affirm our commitment to comply with the law,” it said, “regret mistakes made, and now consider this matter closed.” Gurbir S. Grewal, director of the SEC’s enforcement division, said the church’s investment manager, “with the church’s knowledge,” went to “great lengths” to avoid disclosing the church’s investments.the release
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