Posted on 02/21/2023 4:09:26 PM PST by Enlightened1
The Church of Jesus Christ of Latter-day Saints and its investment arm have been fined $5 million for using shell companies to obscure the size of its $32 billion portfolio, which was under church control, the U.S. Securities and Exchange Commission announced Tuesday.
The faith, known as the Mormon church, maintains billions of dollars of investments in stocks, bonds, real estate and agriculture. Much of its portfolio is controlled by Ensign Peak Advisers, a nonprofit investment manager overseen by ecclesiastical leaders known as its presiding bishopric.
The Mormon church was allegedly worried that the size of its portfolio, which reached $32 billion by 2018, would lead to "negative consequences," according to the SEC. Ensign Peak avoided disclosing investments "with the church's knowledge," denying the SEC and the public accurate information required under law, Gurbir Grewal, the agency's enforcement director, said in a statement.
The Mormon church "went to great lengths to avoid disclosing the Church's investments," Grewal said in the statement.
The church has agreed to pay $1 million and Ensign Peak will pay $4 million in penalties based on the violation.
Federal investigators said that, for a period of 22 years, the firm violated agency rules and the Securities Exchange Act by not filing required paperwork that disclosed the value of its assets.
Instead, they said Ensign Peak filed the forms through 13 shell companies the firm created, even as it maintained decision-making power. Ensign Peak also had "business managers," most employed by the church, sign the required shell company filings.
Fined??? LOL. If I “tried to obscure” my stock profits, I would get a lot more than a friggin fine.
When do we audit the FED?
The BiXiden Crime Family?
The IRS?
I read the original article and it seems that the firm that did the actual investing set up 11 LLC’s to try and hide the fact that it was the churches money...firm fined 4 mil church to pay 1 million. Never got any numbers on how much this set up profited them?..
You beat me to it !
Someone needs to ask Milt Romley about this.
In a mattress?
Ha ha ha ha ha
Who do these people think they are?
Are they really Scientologists?
That “fine” is like $5 for hiding $32,000.
Why should anyone get fined for being successful and making money?
The tax code is crazy (state/federal). Property taxes, which mean you never own anything, sin taxes which don’t include homosexuality of course, luxury taxes but a $120,000 electric car gets government subsidies... Who comes up with this? It’s obvious they simply tax who they can whatever they can and those that can scream loud enough or causes that are popular today are excluded or even get money thrown at them.
But one thing is for sure, our tax system is neither fair nor consistent.
In the words of Leona Helmsley: “We don’t pay taxes; only the little people pay taxes”
They’re building The Nauvoo!
Not designed to be. 100% punitive.
Not out of the ordinary. HSBC and other big banks got caught laundering drug money for the US and Cartel sponsors ... no officer indicted, no officer fined, bank stock holders fined billions and drug proceeds were not seized.
That is 2.5% of a billion. So 1.2, .06, .03, .015, ....do this another 28 times and get the pctg of the fine versus money.
You or I would NEVER be treated so leniently.
Life lessons learned.
1. If you are not a Mormon, never EVER trust a mormon in matters of life, money or friendship.
2. If you are a Mormon, never EVER trust a mormon in matters of life, money or friendship.
In my brief life on this earth, I’ve never encountered a group of people more willing to stab anyone and everyone in the back for personal gain. Including their own people.
On my trust-scale, mormons and other cultists are at the bottom. The French are a couple steps above that. Afghans and Arabs are many steps above. I have respect for Arabs and Afghans and, reluctantly even the French. Not so for Joe Smith’s cult.
See also for examples: Mittens Romney, et. al, Scientologists, Jim Jones, Applewhite’s Heavens Gate, Jehovah’s Witness and David Koresh. Cultists all.
Yes indeed!
The former Constitution clearly states that any financials you acquire/earn belong under the control of the government...
The only exception the Founding Fathers included was for anyone named Biden or Bidenski...
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