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Mormon church fined $5M for obscuring size of portfolio

The angel Moroni statue atop the Salt Lake Temple is silhouetted against a cloud-covered sky, at Temple Square in Salt Lake City on Feb. 6, 2013. The U.S. Securities and Exchange Commission says, Tuesday, Feb. 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. Associated Press File Photo

SALT LAKE CITY — The Church of Jesus Christ of Latter-day Saints and its investment arm have been fined $5 million for using shell companies to obscure the size of the portfolio under church control, the U.S. Securities and Exchange Commission announced Tuesday, Feb. 21.

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.

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