Church of Jesus Christ of Latter-day Saints hid investments for 22 years, SEC says

The Church of Jesus Christ of Latter-day Saints and an affiliated investment arm will pay penalties and adhere to standard investment-reporting practices after federal regulators accused them of failing to properly disclose the church's stock-market investments worth billions of dollars and other details.

The Securities and Exchange Commission on Feb. 21 charged nonprofit investment firm Ensign Peak Advisors with failing to file required forms that would have fully and properly disclosed the church's stock holdings. Instead, the investment firm submitted paperwork for shell companies that obscured the church's wealth and misstated Ensign Peak's control over the church's investment decisions, according to the SEC.