Fri | Jul 3, 2026

Mormon church fined for obscuring US$32 billion investment portfolio

Published:Wednesday | February 22, 2023 | 1:13 PM
The angel Moroni statue atop the Salt Lake Temple is silhouetted against a cloud-covered sky, at Temple Square in Salt Lake City on February 6, 2013. The US Securities and Exchange Commission says, Tuesday, February 21, 2023, The Church of Jesus Christ of Latter-day Saints and its investment arm will pay $5 million in fines. The SEC alleges the church used shell companies to obscure the size of the portfolio under the church's control.(AP Photo/Rick Bowmer, File)

SALT LAKE CITY (AP) — The Church of Jesus Christ of Latter-day Saints and its investment arm have been fined US$5 million for using shell companies to obscure the size of the portfolio under church control, the US Securities and Exchange Commission announced Tuesday.

The faith, widely known as the Mormon church, maintains billions of dollars of investments in stocks, bonds, real estate and agriculture.

Much of its portfolio is controlled by Ensign Peak Advisers, a nonprofit investment manager overseen by ecclesiastical leaders known as its presiding bishopric.

The church has agreed to pay $1 million and Ensign Peak will pay $4 million in penalties based on the violation.

Ensign Peak avoided disclosing investments “with the church's knowledge,” denying the SEC and the public of accurate information required under law, Gurbir Grewal, the agency's enforcement director, said in a statement.

Federal investigators said for a period of 22 years, the firm violated agency rules and the Securities Exchange Act by not filing paperwork required that disclosed the value of its assets.

Instead, they said Ensign Peak filed the forms through 13 shell companies they created, even as they maintained decision-making power.

They also had “business managers,” most employed by the church, sign the required shell company filings.

Follow The Gleaner on Twitter and Instagram @JamaicaGleaner and on Facebook @GleanerJamaica. Send us a message on WhatsApp at 1-876-499-0169 or email us at onlinefeedback@gleanerjm.com or editors@gleanerjm.com.