The U.S. Securities and Exchange Commission (SEC) is investigating The Church of Jesus Christ of Latter-day Saints' investment arm, Ensign Peak Advisors, for allegedly hiding its stock holdings. The investigation is likely to lead to a settlement, according to sources who spoke to the Wall Street Journal.
In 2019, a whistleblower revealed The Church of Jesus Christ of Latter-day Saints had a $100 billion investment fund. The SEC is focused on how Ensign Peak Advisors Inc. disclosed its stock holdings prior to 2020. The Church of Jesus Christ of Latter-day Saints has yet to comment on the investigation.
A whistleblower, David Nielsen, has sent further allegations of fraud by the LDS Church's investment arm, Ensign Peak Advisors, to the U.S. Securities and Exchange Commission. According to the whistleblower, Ensign Peak Advisors Inc. did not properly disclose its stock holdings in the annual report for the Church of Jesus Christ of Latter-day Saints for the fiscal year ending in December 2019.
A former employee of a $100 billion investment fund owned by The Church of Jesus Christ of Latter-day Saints has submitted a memorandum to the SEC. The memorandum alleges that Ensign Peak Advisors Inc. was engaging in a pattern of fraud and misappropriation of funds. The whistleblower believes that the LDS Church's investment arm was deliberately hiding its stock holdings from the annual report.
In this article, we will take a look at Mormon Church's 15 biggest stock positions. To see more such companies, go directly to Mormon Church's Annual Report 2019 and read the full list of stock holdings.
The Mormon Church has invested in some of the world's most well-known companies, including Apple Inc., Microsoft Corporation, JPMorgan Chase & Co., Alphabet Inc., and Amazon.com, Inc. It also holds stakes in a variety of smaller companies, such as Snap Inc. and Twitter Inc.
Ensign Peak Advisors Inc., an investment management firm in Salt Lake City, is owned by the LDS Church, which is also headquartered there. The firm is responsible for managing the Church's investment and making sure the investment are in line with the Church's values.
The entity at the center of the SEC's investigation is Ensign Peak Advisors Inc., an investment firm owned by the church that manages its stock holdings. According to the whistleblower, the firm has been hiding its stock holdings from the public in order to avoid scrutiny from regulators.
The SEC's investigation into Ensign Peak Advisors is likely to lead to a settlement. The Church of Jesus Christ of Latter-day Saints has not yet commented on the investigation, but it is clear that the SEC is taking the allegations seriously.
The SEC's investigation into Ensign Peak Advisors has the potential to bring to light some of the investment firm's questionable practices. It could also lead to changes in how the Church of Jesus Christ of Latter-day Saints discloses its stock holdings in the future.
