The Church of Jesus Christ of Latter-day Saints and its investment arm have been fined $5m for using shell companies to obscure the size of the portfolio under church control, the US Securities and Exchange Commission announced Tuesday.
“We allege that the LDS Church’s investment manager, with the Church’s knowledge, went to great lengths to avoid disclosing the Church’s investments, depriving the Commission and the investing public of accurate market information,” Gurbir S Grewal, the agency's enforcement director, said in a statement.
