Mormon Church Fined $1M for Hiding $32 Billion Dollar Portfolio Behind Shell Corps.
The Church of Jesus Christ of Latter-day Saints has been fined $1,000,000 by the U.S. Securities and Exchange Commission (SEC) for using questionable financial measures to conceal the true size of its investment portfolio, which topped $32,000,000,000 in 2018.
In a press release by the SEC, they also announced “charges against Ensign Peak Advisers Inc., a non-profit entity operated by The Church of Jesus Christ of Latter-day Saints to manage the Church’s investments. “
The SEC alleges that the Christian Megacult used 13 different shell companies to conceal their assets, with the help of their advisors, who were themselves fined $4,000,000. They say the Mormons failed to “file forms that would have disclosed the Church’s equity investments, and instead (filed) forms for shell companies that obscured the Church’s portfolio and misstated Ensign Peak’s control over the Church’s investment decisions.”
In response to the fines, the Church shifted most of the responsibility to Ensign Peak Advisors, saying they were just taking their legal advice, but agreed to pay the penaltiy, noting that “We reached a resolution with the SEC. We affirm our commitment to comply with the law, regret mistakes made, and now consider this matter closed.
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It’s hard to believe a religious organization rocking the faux angel Moroni (I prefer “Angel Moronic”) on their temples *ahem* would do such a thing…
Or Angel Macaroni
I look forward to worshipping God for all eternity. A Mormon looks forward to being worshipped as a god for all eternity.