Home Dewey's Daily Cup Feds fine Mormon church for illicitly hiding $32 billion investment fund behind...

Feds fine Mormon church for illicitly hiding $32 billion investment fund behind shell companies

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.

Pastor Dewey Moede

February 22, 2023

I have no words……….

NBC NEWS REPORTS:

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. More Here

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