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WASHINGTON, DC, May 14, 2023 (Gephardt Daily) — Tonight’s CBS news show “60 Minutes” announced that it had received an offer from Ensign Peak Advisors following a $5 million fine imposed on Ensign Peak and the Church. We interview Senior Portfolio Manager David Nielsen. Jesus Christ of Latter-day Saints this February.
The U.S. Securities and Exchange Commission said in a statement that the government’s fine was for filing inaccurate documents that “obscured the Church’s portfolio and misrepresented Ensign Peak’s control over the Church’s investment decisions.” there were.
The “60 Minutes” segment description states, “The 60 Minutes represents the $100 billion fortune built up by the Secret Investment Division of The Church of Jesus Christ of Latter-day Saints and the tens of billions of dollars spent instead of spending that money on good deeds. We are reporting on a whistleblower’s claim that an investment was made.” Millions of dollars were spent to bail out companies associated with the church. Sharin Alfonsi spoke to David Nielsen, a former senior portfolio manager at the church firm, about his role in the federal investigation and his decision to come forward. Guy Campanile is the producer. ”
The “60 Minutes” episode airs tonight Sunday at 6pm on KUTV Channel 2.
SEC statement
A Securities and Exchange Commission statement issued at the time stated that rather than filing correct financial statements, “Ensign Peak will retain investment discretion over all related securities, control the shell companies and “Business manager,” which means he gave instructions to most companies.” They were hired by the church to sign committee papers. ”
An SEC investigation found that “Ensign Peak retained control over all investment and voting decisions.”
The SEC statement quoted SEC Director of Enforcement Garbill S. I claim that I have exhausted all means and stripped of the Commission and my rights.” Investing in the public with accurate market information. The requirement to submit timely and accurate information on Forms 13F applies to all institutional investment managers, including nonprofits and charities. ”
church statement
The LDS Church issued the following statement on the same day, February 21, 2019: It doesn’t elaborate on why “privacy” was a goal.
“The Church of Jesus Christ of Latter-day Saints and its affiliate investment manager, Ensign Peak Advisors, Inc., have settled their disputes with the Securities and Exchange Commission.
“Investment managers who oversee portfolios of publicly traded stocks exceeding certain thresholds are required to file Form 13F with the SEC on a quarterly basis. These forms disclose the names of the securities and their values.
“Since 2000, Ensign Peak has received and trusted legal counsel on how to comply with its reporting obligations while maintaining portfolio privacy. filed Forms 13F instead of a single consolidated filing Ensign Peak and the Church believe that all securities required to be reported were contained in filings by separate companies.
“In June 2019, the SEC first raised concerns about Ensign Peak’s reporting approach. Ensign Peak adjusted its approach and began filing a single aggregate report. 13 quarterly reports have been submitted.
“This settlement relates to how the form was previously filed.
“We affirm our commitment to comply with the law, regret the mistakes we made and now consider this matter resolved.”
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