The Church of Jesus Christ of Latter-day Saints and its investment arm, Ensign Peak Advisers, have agreed to pay a total of $5 million to settle allegations from the US Securities and Exchange Commission (SEC) regarding failure to file proper disclosures and obscuring the church's massive investment portfolio.
The SEC alleged that Ensign Peak created 13 limited-liability corporations to obscure the church's portfolio, instead of filing the required forms, known as Form 13Fs, in Ensign Peak's name.
The church had knowledge of and approved this tactic, according to the SEC, which expressed concern about the reporting structure in June 2019.
The church said in a statement that it "regrets the mistakes made" and has taken steps to comply with SEC requirements.
