The US Securities and Exchange Commission (SEC) has begun investigations into the Mormon Church’s Confidential Investment Portfolio.
According to the decision taken by the SEC, $100 billion worth of investigations were launched against the Mormon Church. It was stated that the investigation was about the Confidential Investment Portfolio. The church remained confidential until its assets were disclosed by an employee in 2019.
SEC Statements About Violations by the Mormon Church
The SEC is investigating possible breaches of rules by investment divisions of The Church of Jesus Christ of Latter-day Saints (LDS). The SEC didn’t reveal much about this massive investigation that was launched. He added that certain steps have been taken for the investigation and that an agreement will likely be reached.
LDS had turned into an investment vehicle worth billions of dollars apart from the purpose it served. This clandestine investment portfolio has caught the eye of the United States regulator. With its statements, the SEC especially touched upon the leading big money managers of the church. He stressed that the moves of big money managers were given special consideration to check whether the church was following the rules.
The SEC stated that in line with the money manager report, it concluded the violations with fines. In light of these events, the fine to be imposed on the Mormon Church is not yet clear. The SEC states that Ensign Peak Advisors is at the center of its investigation. Ensign Peak, the investment firm that manages funds owned by the Mormon Church, says it has filed its own disclosure filings with the SEC since 2020.
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