1srelluc
Diamond Member
Well now, Religion and Ethics (or lack thereof) in one tidy package:
https://www.sec.gov/litigation/admin/2023/34-96951.pdf
The LDS church, also known as the Mormon church, and its wholly owned and controlled financial entity, Ensign Peak, has been charged and ordered by the U.S. SEC to cease and desist its intentional obfuscation and failure to report full and accurate financial information for one of its investment funds by creating and controlling shell companies "to ensure that neither the Street nor the media" could see its full investments in the Ensign Peak fund. "To prevent disclosure of the securities portfolio managed by Ensign Peak, the Church approved Ensign Peak’s plan of using other entities, instead of Ensign Peak, to file Forms 13F. The Church was concerned that disclosure of the assets in the name of Ensign Peak, a known Church affiliate, would lead to negative consequences in light of the size of the Church’s portfolio. Ensign Peak did not have the authority to implement this approach without the approval of the Church’s First Presidency."
From 1997 through 2019, Ensign Peak Advisors, Inc. (“Ensign Peak”), an entity which manages the assets, including the investment securities, of The Church of Jesus Christ of Latterday Saints (the “Church”), failed to file with the Commission certain required forms (“Forms 13F”) that would have disclosed the size of the Church’s equity portfolio to the Commission and the public. Instead, the Church and Ensign Peak created thirteen limited liability corporations “LLCs”), including twelve similar LLCs (the “Clone LLCs”) with addresses located throughout the U.S., for the sole purpose of filing Forms 13F and preventing public disclosure by Ensign Peak of the Church’s equity securities holdings.
The top executive to the Ensign Peak account told the Wall Street Journal that if the church members knew of the size of the accounts, that they wouldn't continue to pay 10% tithing on their income.
Related to this now $130 Billion+ investment fund, the IRS is also investigating claims made against the fund by a former account manager. Of note, there are claims that no money has been used for any humanitarian or charity use, instead its sole use has been to build a 1.5 billion dollar mall and bailout an mormon church owned insurance company - "Latter-day Saint officials acknowledged that it used Ensign funds to underwrite construction of City Creek Center mall in downtown Salt Lake City and rescue Beneficial Life, a church-owned insurance company, but said there was nothing illegal in that."
more....
I'm shocked!.....Can they do the Vatican next?
This was not simply a incident of a misfiled form. It seems that they schemed to form shell companies in order to use an entirely different reporting mechanism to avoid disclosure to the U.S. government and, primarily, for the purpose of hiding their investment assets from their very own church members.
If one were a member of this church they should probably ponder about why their church doesn’t want them to know the full extent of their assets.
https://www.sec.gov/litigation/admin/2023/34-96951.pdf
The LDS church, also known as the Mormon church, and its wholly owned and controlled financial entity, Ensign Peak, has been charged and ordered by the U.S. SEC to cease and desist its intentional obfuscation and failure to report full and accurate financial information for one of its investment funds by creating and controlling shell companies "to ensure that neither the Street nor the media" could see its full investments in the Ensign Peak fund. "To prevent disclosure of the securities portfolio managed by Ensign Peak, the Church approved Ensign Peak’s plan of using other entities, instead of Ensign Peak, to file Forms 13F. The Church was concerned that disclosure of the assets in the name of Ensign Peak, a known Church affiliate, would lead to negative consequences in light of the size of the Church’s portfolio. Ensign Peak did not have the authority to implement this approach without the approval of the Church’s First Presidency."
From 1997 through 2019, Ensign Peak Advisors, Inc. (“Ensign Peak”), an entity which manages the assets, including the investment securities, of The Church of Jesus Christ of Latterday Saints (the “Church”), failed to file with the Commission certain required forms (“Forms 13F”) that would have disclosed the size of the Church’s equity portfolio to the Commission and the public. Instead, the Church and Ensign Peak created thirteen limited liability corporations “LLCs”), including twelve similar LLCs (the “Clone LLCs”) with addresses located throughout the U.S., for the sole purpose of filing Forms 13F and preventing public disclosure by Ensign Peak of the Church’s equity securities holdings.
The top executive to the Ensign Peak account told the Wall Street Journal that if the church members knew of the size of the accounts, that they wouldn't continue to pay 10% tithing on their income.
Related to this now $130 Billion+ investment fund, the IRS is also investigating claims made against the fund by a former account manager. Of note, there are claims that no money has been used for any humanitarian or charity use, instead its sole use has been to build a 1.5 billion dollar mall and bailout an mormon church owned insurance company - "Latter-day Saint officials acknowledged that it used Ensign funds to underwrite construction of City Creek Center mall in downtown Salt Lake City and rescue Beneficial Life, a church-owned insurance company, but said there was nothing illegal in that."
more....
I'm shocked!.....Can they do the Vatican next?
This was not simply a incident of a misfiled form. It seems that they schemed to form shell companies in order to use an entirely different reporting mechanism to avoid disclosure to the U.S. government and, primarily, for the purpose of hiding their investment assets from their very own church members.
If one were a member of this church they should probably ponder about why their church doesn’t want them to know the full extent of their assets.
