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LDS Church, investment fund charged with disclosure failures, misstated filings
“The U.S. Securities and Exchange Commission on Tuesday charged the Church of Jesus Christ of Latter-day Saints and its investment fund with failing to file forms that disclosed its investments...
While failing to file the proper forms, the SEC also found that the Church instead filed forms for "shell companies that obscured the Church's portfolio and misstated Ensign Peak's control over the Church's investment decisions”… Ensign Peak created 13 shell companies to file the proper forms instead of using its own name.
“…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,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement.
My job existed because wherever there is money, there are people trying to figure out ways to take it for themselves, whether that be in government, business, or religion. Nothing new under the sun.
I agree with Mightyqueen's thought above. People who want to grab money will find a way. They'll find their niche and exploit it, no matter what that niche is.
If there were no Mormon churche they'd figure out another way. But I am glad this was discovered. This is unfortunately why we really need to watchdog any major institution. Somebody is going to try to get away with something at one time or another.
If you try to use religious institutions as tax shelters, absolutely.
But I don’t hold religious institutions to different ethical standards than other nonprofit organizations or think that these organizations should be taxed across the board.
Quote:
Originally Posted by JerZ
That stinks.
I agree with Mightyqueen's thought above. People who want to grab money will find a way. They'll find their niche and exploit it, no matter what that niche is.
If there were no Mormon churche they'd figure out another way. But I am glad this was discovered. This is unfortunately why we really need to watchdog any major institution. Somebody is going to try to get away with something at one time or another.
My LDS-raised grandmother-in-law converted to Catholicism when she married my late grandfather-in-law. There’s no love lost between her and the Mormon Church, in part because of things like this. And yet, she turns a blind eye when similar misdeeds are uncovered within the Roman Catholic hierarchy.
Random caps. Wow. You were on the debate team, weren't you?
I have to pay for bridges, the police, snowplowing. The local businesses have to pay for those things. Why shouldn't the churches?
Because they would rather spend their money on a fancy new building despite the fact the current one is perfectly serviceable? Because Joel Osteen needs a new Gulfstream V? Because they need all that extra cash to pay for their creative tax attorneys to arrange and hide (and now, defend) their illegal financial machinations?
Tax exemption should be a thing. And the standard for receiving it should be higher than just saying "We're a church, that's it, we get a free ride!".
Interesting - I didn't realize 501c3 non-profits could invest in for-profit stocks/ventures!
Looks like the profits on the investments are to be taxed, though.
The problem with that statement is that some of us may think that MANY churches follow cultish behavior.
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