SEC Charges Ensign Peak Advisers and LDS Church for Failing to Disclose Equity Investments
The Securities and Exchange Commission (SEC) filed charges against The Church of Jesus Christ of Latter-day Saints’ non-profit entity, Ensign Peak Advisers Inc., for failing to file Forms 13F with the SEC. The forms are required to disclose The Church’s equity investments. To preserve the secrecy of its investments, Ensign Peak created shell LLCs in locations across the U.S. and filed Forms 13F on their behalf that misstated ownership and control of the securities. The SEC found that from 1997 to 2019, Ensign Peak violated Section 13(f) of the Securities Exchange Act and Rule 13f-1 by failing to file Forms 13F as well as through misstating information in the forms. As a result of this settlement, Ensign Peak agreed to pay a $4 million penalty and The Church agreed to pay a $1 million penalty.