The Securities and Exchange Commission announced Ensign Peak Advisers Inc. and The Church of Jesus Christ of Latter-day Saints agreed to pay $5 million in penalties to settle charges against the investment fund operating inside the nonprofit entity of the church.
Read MoreA former employee of a $100 billion investment fund owned by The Church of Jesus Christ of Latter-day Saints has submitted a memorandum to the U.S. Senate Finance Committee about the operations of the Salt Lake City, Utah, based Ensign Peak Advisors Inc. The 90-page memorandum obtained by ReligionUnplugged.com “summarizes evidence of false statements, systematic accounting fraud, private inurement violations of the Internal Revenue Code and other federal statutes and a ‘Klein conspiracy’ by Ensign Peak Advisors, Inc. (‘EPA’) and others.”
Read More(ANALYSIS) This month President Joe Biden signed a new bill into law, the Inflation Reduction Act, aimed at lowering the deficit, reducing inflation, knocking down prescription medicine prices, taxing the profits of large corporations and significantly addressing climate change. At first glance, this legislation does not immediately appear to be a law that intersects much with religious freedom. Yet there are surprising connections worth considering.
Read MoreEnsign Peak Advisors, the investment firm connected to the Church of Jesus Christ and Latter-Day Saints, started filing a quarterly 13F form on Feb. 14, 2010, with the Securities and Exchange Commission, which regulates publicly traded companies and other financial firms. Its initial filing revealed EPA had $38 billion in stocks and mutual funds at the end of 2019, including $1.5 billion in Apple and Microsoft. The firm had nearly $1 billion worth of shares in Amazon and Google’s parent company, Alphabet, as well.
Read MoreThe whistleblower distanced himself from the public exposure of the case by his twin brother. After pointing reporters to its frequently asked questions about finances on Monday, The LDS Church published a statement on Tuesday and then posted three short videos to YouTube on Friday. And past and present members of the LDS Church discussed the allegations widely online as the story spread through traditional and social media.
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