Current Events > Mormon Church hid 32 BILLION fined just...1 million

(+) Yeah! (+)

SEC exists for the rich.

https://www.nbcnews.com/business/business-news/mormon-church-multibillion-investment-fund-sec-settlement-rcna71603

what does a church need 32 billion dollars for

Crime only exists for the poor in most cases.

Those 10% tithes add up

Churches not paying taxes is SO fucking stupid

Fyi church pays 1 million
Some non profit pays 4 million

The Church of Jesus Christ of Latter-day Saints and a nonprofit entity that it controlled have been fined $5 million by the Securities and Exchange Commission over accusations that the religious institution failed to properly disclose its investment holdings.
In an order released Tuesday, the SEC alleged that the church illicitly hid its investments and their management behind multiple shell companies from 1997 to 2019. In doing so, it failed to disclose the size of the churchs equity portfolio to the SEC and the public.
The church was concerned that disclosure of the assets in the name of the nonprofit entity, called Ensign Peak Advisors, which manages the church's investments, would lead to negative consequences in light of the size of the churchs portfolio, the SEC said.
The allegations of the illicit shell company structure first emerged in 2018, when a group formerly called MormonLeaks now known as the Truth and Transparency Foundation claimed that year the extent of the church's investments had reached $32 billion.
The following year, a whistleblower filed a complaint to the Internal Revenue Service, according to a 2020 Wall Street Journal report; that year, the newspaper said the church's holdings had grown to $100 billion.
For more than half a century, the Mormon Church quietly built one of the worlds largest investment funds, the Journal said. Almost no one outside the church knew about it.
The SEC accused the church Tuesday of going to "great lengths" to avoid disclosing its investments and, in doing so, "depriving the commission and the investing public of accurate market information.
The requirement to file timely and accurate information on Forms 13F applies to all institutional investment managers, including non-profit and charitable organizations, said Gurbir S. Grewal, director of the SECs Division of Enforcement, in a statement.

In a statement, the church said that, starting in 2000, its Ensign Peak investment management group "received and relied upon legal counsel regarding how to comply with its reporting obligations while attempting to maintain the privacy of the portfolio."
As a result, it said, Ensign Peak established "separate companies" that each filed required disclosure forms, instead of a single aggregated filing.
"Ensign Peak and the Church believe that all securities required to be reported were included in the filings by the separate companies," the church said in its statement.
After the SEC expressed concern about Ensign Peaks reporting approach in June 2019, the church said, Ensign Peak "adjusted its approach and began filing a single aggregated report."
Since that time, the church said, it had filed 13 quarterly reports in accordance with SEC requirements.
"This settlement relates to how the forms were filed previously," the church said. "Ensign Peak and the Church have cooperated with the government over a period of time as we sought resolution. We affirm our commitment to comply with the law, regret mistakes made, and now consider this matter closed."

lww99 posted...

Churches not paying taxes is SO fucking stupid

It was hid in an investment funds though, not in churchy stuff.

And people still give them money.

The church convincing the government that they shouldn't be taxed is probably the most successful con job of all time.

So the money was being reported, they were just going to great lengths to hide who it belonged to. And this went on for decades. Like, literally an entire company created just to manage other companies that were created to hide the church's connection to the money.

Sounds like a movie

It's well past time we went full French Revolution/Reign of Terror on tax dodging/cheating billionaires and organizations.

Mearcstapa posted...

It's well past time we went full French Revolution/Reign of Terror on tax dodging/cheating billionaires and organizations.

And politicians?

SenlinDescends posted...

And politicians?

Goes without saying I think

The SEC doesn't enforce tax law which is why the DOT and TIGTA will be next on queue to investigate the laundering operation although that measly fine is still absolutely 100% bullshit. Unfortunately it will take a long time to go through the whole thing (research, subpoena, audit, etc) so the foreseeable future they are getting away with it until then. Treasury doesn't play around when it comes to loose billions being up for grabs.

CableZL posted...

And people still give them money.

The church convincing the government that they shouldn't be taxed is probably the most successful con job of all time.

Organized religion, truly one of the great root of all evils in this nation not just intellectually but a scam on our infrastructure as well.

If institutions were actually honest as say, the Amish who refuse any govt handouts then there wouldn't be such a problem tolerating the idea.

Jagr_68 posted...

The SEC doesn't enforce tax law which is why the DOT and TIGTA will be next on queue to investigate the laundering operation although that measly fine is still absolutely 100% bullshit. Unfortunately it will take a long time to go through the whole thing (research, subpoena, audit, etc) so the foreseeable future they are getting away with it until then. Treasury doesn't play around when it comes to loose billions being up for grabs.

Organized religion, truly one of the great root of all evils in this nation not just intellectually but a scam on our infrastructure as well.

If institutions were actually honest as say, the Amish who refuse any govt handouts then there wouldn't be such a problem tolerating the idea.

The Amish aren't any better than any other religious cult.
They're just not a money cult.

I know someone who's a big shot in the Jehovah's Witnesses

He said he wasn't trying to convert me

Turns out he was forking my personal info over to his cult in the hopes of an eventual conversion

(Mormons have similar tactics)

Scintillant posted...

what does a church need 32 billion dollars for

magic underwear

DaveTheUseless posted...

I know someone who's a big shot in the Jehovah's Witnesses

He said he wasn't trying to convert me

Turns out he was forking my personal info over to his cult in the hopes of an eventual conversion

(Mormons have similar tactics)

Wait.. he targeted you *Because* you have money?

WingsOfGood posted...

Fyi church pays 1 million
Some non profit pays 4 million

In a statement, the church said that, starting in 2000, its Ensign Peak investment management group "received and relied upon legal counsel regarding how to comply with its reporting obligations while attempting to maintain the privacy of the portfolio."
As a result, it said, Ensign Peak established "separate companies" that each filed required disclosure forms, instead of a single aggregated filing.
"Ensign Peak and the Church believe that all securities required to be reported were included in the filings by the separate companies," the church said in its statement.
After the SEC expressed concern about Ensign Peaks reporting approach in June 2019, the church said, Ensign Peak "adjusted its approach and began filing a single aggregated report."
Since that time, the church said, it had filed 13 quarterly reports in accordance with SEC requirements.
"This settlement relates to how the forms were filed previously," the church said. "Ensign Peak and the Church have cooperated with the government over a period of time as we sought resolution. We affirm our commitment to comply with the law, regret mistakes made, and now consider this matter closed."

I don't understand their statement - "what we did was illegal but we don't think it should be illegal"? Maybe I'm misinterpreting their words...

DaveTheUseless posted...

I know someone who's a big shot in the Jehovah's Witnesses

He said he wasn't trying to convert me

Turns out he was forking my personal info over to his cult in the hopes of an eventual conversion

(Mormons have similar tactics)

How'd you find this out?