SEC Probes Mormon Church Investment Division’s Disclosures, Report Says
The Securities and Exchange Commission (SEC) is reportedly probing the investment division of the Church of Jesus Christ of Latter-day Saints (LDS) over its disclosures to investors.
According to a report from the Wall Street Journal, the SEC is looking into whether the church’s investment arm, Ensign Peak Advisors, made adequate disclosures to investors about its investments. The investigation is reportedly in its early stages and is focused on Ensign Peak’s disclosures in the past five years.
Ensign Peak is an investment arm of the Mormon Church and manages the church’s financial assets, which reportedly total around $100 billion. The SEC is reportedly looking into how Ensign Peak has disclosed its investments to investors and whether it has adequately disclosed the risks associated with those investments.
The SEC is also reportedly looking into whether Ensign Peak has made any false or misleading statements about its investments. The SEC has not commented on the investigation.
The investigation comes as the church faces increasing scrutiny over its finances, particularly its investments. Last year, the church was criticized for investing in companies that manufacture guns and ammunition, as well as companies that produce alcohol and tobacco products.
The church has defended its investments, saying that it has a responsibility to its members to invest in a way that will provide financial security for future generations. It has also said that it invests in companies that are in line with the church’s values.
The investigation into Ensign Peak’s disclosures is the latest in a series of probes into the church’s finances. Last year, the church was also investigated by the Department of Justice over its tax-exempt status.
The SEC’s investigation is ongoing and it is unclear when it will be completed. It is also unclear what, if any, action the SEC may take.