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Did the SEC fine the Mormon Church and Ensign Peak?

Todd Noall

Todd Noall

Source Expert

Todd Noall is an author and religious scholar at Mormonism Explained with a focus on the history and theology of religion.

Fact Checked by Kevin Prince

Kevin Prince

Source Expert

Kevin Prince serves as the Source Authority at Mormonism Explained. Mr. Prince is a religious scholar as well as a technology industry CEO and entrepreneur.

Updated July 3, 2024

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.