In a statement, the church acknowledged “mistakes” were made and said it now considered the matter closed.
Published: Feb. 24, 2023 at 3:13 PM MST
SALT LAKE CITY, Utah (KMVT/KSVT) — The Church of Jesus Christ of Latter-Day Saints has agreed to settle allegations that it tried to hide a huge investment fund from the government.
The Securities and Exchange Commission announced Tuesday the LDS Church, and its investment manager, agreed to pay a 5 million dollar fine - connected to the charge that the church hid an approximately 32-billion-dollar investment fund.
According to the SEC the church was concerned disclosing the fund would lead to negative consequences.
To settle the lawsuit-- the LDS Church agreed to pay one million dollars of the fine. Their investment firm - Ensign Peak Advisers - will pay the other four million dollars.
In a statement, the church acknowledged “mistakes” were made and said it now considered the matter closed.
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