Mormonism Explained
Did the SEC Fine the Mormon Church and Ensign Peak?
Yes. In 2023 the SEC fined Ensign Peak $4 million and the Church $1 million over how their securities filings were made.
The Securities and Exchange Commission, or SEC, is a government agency that seeks to regulate businesses and securities trading. The SEC requires that individuals or companies that trade securities worth over $100 million file a quarterly form. This form informs the SEC about these securities transactions.
From 1997 to 2019 Ensign Peak, the LDS Church’s financial investment firm, filed its securities forms with the SEC under multiple subsidiary companies, or shell companies. Ensign Peak followed the advice of lawyers while filing these forms. The SEC began investigating the church and Ensign Peak’s filing method in 2019. When Ensign Peak and the Mormon Church were contacted by the SEC about their filing method, they began filing a single securities form.
In 2023 the SEC fined Ensign Peak and the Mormon Church for filing their securities forms incorrectly. Ensign Peak paid a $4 million fine. The Mormon Church paid a $1 million fine.
References
- Elizabeth McKernan, “How the SEC believes the LDS Church hid billions of dollars from the public since 1997,” KUTV, February 26, 2023, accessed May 6, 2024, https://kutv.com/news/local/lds-church-sec-fine-5-million-dollars-church-jesus-christ-latter-day-saints-ensign-peak-advisors-securities-exchange-commission-tithing-reserve-funds-billions-assets-investments.
- “Church Issues Statement on SEC Settlement,” The Church of Jesus Christ of Latter-day Saints, February 21, 2023.
About Mormonism Explained
Mormonism Explained is a resource that was designed to provide objective and factual information about Mormonism, its history, doctrines, and policies. Our team of researchers consults experts and primary sources to present factual information on a variety of topics relevant to the Mormon Church.
About Mormonism Explained: Mormonism Explained is a resource that was designed to provide objective and factual information about Mormonism, its history, doctrines, and policies. Our team of researchers consults experts and primary sources to present factual information on a variety of topics relevant to the Mormon Church.
