LDS Church and its investment firm agree to pay $5M for going to … – Salt Lake Tribune

Utah-based faith went to “great lengths” to conceal the size of its portfolio. Could the IRS and the U.S. Senate take action next?

The overarching drive of The Church of Jesus Christ of Latter-day Saints to keep the size and scope of its wealth hidden at all cost is now going to cost it.

In a settlement announced Tuesday with U.S. Securities and Exchange Commission, the Utah-based faith and its investment arm, Ensign Peak Advisors, have agreed to pay $5 million in penalties for failing to properly disclose past stock holdings and going to “great lengths” to deliberately “obscure” the church’s investment portfolio.

The development came within days of new stories revealing that the SEC was investigating the church and Ensign Peak. Under the deal, which appears to conclude the probe, Ensign Peak will pay $4 million and the church $1 million within 10 days to the U.S. Treasury.

The SEC charged the Salt Lake City investment firm with “failing to file forms that would have disclosed the…

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