SEC Charges Mormon Church For $32B Secret Investment Portfolio: Here Are The Details

The U.S. Securities and Exchange Commission has charged the Church of Jesus Christ of Latter-day Saints and its investment management company, Ensign Peak Advisors, for their $32 billion secret investment portfolio.

An official communication from the SEC states that the church failed to file the required forms that would have disclosed their equity investments, as they instead filed forms for shell companies to obscure their portfolio and misstated Ensign Peak's control over the church's investment decisions.

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The findings reveal that the church's and the management firm's violations occurred from 1997 through 2019.

The SEC noted that the church chose to obscure its portfolio out of concern over its perception, as it could lead to negative consequences.

By 2018, the church's investment portfolio had grown to $32 billion.

The federal agency further stated that Ensign Peak Advisors agreed to pay a $4 million penalty, and the church agreed to pay a $1 million penalty to settle the charges.

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