Mormon Church to pay $5 million for misleading the public
- February 21, 2023
- 0
The SEC announced on Tuesday that The Church of Jesus Christ of Latter-day Saints and its investment management company have agreed to pay a total of $5 million
The SEC announced on Tuesday that The Church of Jesus Christ of Latter-day Saints and its investment management company have agreed to pay a total of $5 million to settle allegations of hiding a multi-billion dollar stock portfolio from the public. Values.
This was reported by the market watcher. mormon church and his nonprofit investment firm Ensign Peak Advisers Inc. used shell companies to disguise its huge attachments in public companies, which reached $32 billion in 2018, due to fears of negative publicity.
Usage ghost signatures this came to light in 2019 when a former Ensign Peak employee filed a complaint.
Photo: Reuters
From 1997 to 2019 shell companies submitted the required forms detailing the investment and falsely claimed that they were acting independently. In reality, investments were still controlled Ensign Peakand the church was aware of the agreement with the church employees who ran most of the companies, according to the SEC.
The church said in a statement that it relied on legal advice to create a scheme to allow information to be reported while maintaining “wallet privacy,” but said it stopped the practice after your concerns were raised by the SEC in 2019, and that you cooperated with investigation.
“We reaffirm our commitment to upholding the law, we regret the mistakes made and now consider this matter closed,” the church said.
The church agreed to pay $1 million and Ensign Peak will pay $4 million to fix the problem. accusations.
“We contend that the church investment manager, knowing about the Church, went to great lengths to avoid revealing church investments, depriving the Commission and investors of accurate market information,” said Gurbir Grewal, director of the inspection department. belonging sec this is a statement.
Reuters
Source: Aristegui Noticias
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