LDS To Pay $5 Million For Hiding Billions In Assets

The Wall Street Journal reports:

Ensign Peak Advisors Inc., which oversees a $32 billion equities portfolio for the Church of Jesus Christ of Latter-day Saints, will pay $4 million to settle regulatory claims that the money manager obscured the church’s investment holdings.

The church will also pay a $1 million fine, the Securities and Exchange Commission said Tuesday. The money manager and the church settled the SEC’s investigation without admitting or denying wrongdoing.

The SEC’s investigation examined past efforts to keep the church’s giant investment portfolio a secret, a practice that ended after a former employee revealed in 2019 that the church had amassed a total of $100 billion of holdings, which includes other investments such as fixed-income securities, private companies or funds.

Read the full article. Photo: LDS president Russell Nelson.