- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-02-21T20:32:00
The Church of Jesus Christ of Latter-day Saints and its investment advisory firm agreed to pay a total of $5 million to settle charges from the Securities and Exchange Commission (SEC) that both entities conspired to obscure the value of the church’s investments over more than two decades.
Utah-based Ensign Peak Advisors agreed to pay a $4 million penalty and the church a fine of $1 million to resolve allegations they violated federal securities law with a scheme to create shell companies that obscured the size of the church’s portfolio, which grew to approximately $32 billion by 2018. The alleged scheme took place from 1997-2019.
“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 Grewal, director of the SEC’s Division of Enforcement, in a press release Tuesday.
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