The SEC brought charges against Ensign Peak, a Church of Jesus Christ of Latter-day Saints-run non-profit organization that manages the Church's investments.
To settle the charges, Ensign agreed to pay a $4 million penalty while the Church agreed to pay $1 million.
Ensign Peak failed to file Forms 13F between 1997 and 2019. The forms would have disclosed the equity investments tied to the Church.
"According to the order, the Church was concerned that disclosure of its portfolio, which by 2018 grew to approximately $32 billion, would lead to negative consequences," the SEC said.
“We allege that the LDS Church’s investment manager, with the Church’s knowledge, went to great lengths to avoid disclosing the Church’s investments, depriving the Commission and the investing public of accurate market information,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement.
“The requirement to file timely and accurate information on Forms 13F applies to all institutional investment managers, including non-profit and charitable organizations.”
