![]() ![]() 21, 2023, is reflected in a downtown Salt Lake City building, where Ensign Peak Advisors, the investment arm of The Church of Jesus Christ of Latter-day Saints, is located. (Chris Samuels | The Salt Lake Tribune) The Church Office Building, shown Tuesday, Feb. ![]() This is “not the kind of thing,” Brunson said Tuesday, “they can put behind them easily.” What the SEC found Latter-day Saint leaders put “a rhetorical premium on honesty,” Brunson said, even asking in “ worthiness interviews,” including for temple recommends, whether members “strive to be honest” in all they do.īy looking for loopholes rather than complying with the law, he said, church officials have made it uncomfortable for members who see the faith as “providing a moral compass and example of the way to live.” The church needs to explain what it plans to do to prevent this in the future and to rebuild trust.” “The apparent hypocrisy is potentially harmful in its relationship with its members. The church is “naive” to think the settlement is the end of it, the law professor said. I can’t see any light in this or any way to justify it.” ![]() “It legitimately acted badly here by deliberately trying to evade a law that applied to it. The church is “far from perfect, but this feels beyond the pale,” said Sam Brunson, a Latter-day Saint who teaches tax law at Loyola University Chicago. Some Latter-day Saints were troubled by the disclosures. “We affirm our commitment to comply with the law,” it said, “regret mistakes made, and now consider this matter closed.” In its own news release posted soon after the SEC announcement, the church expressed its “regret” for what it termed as errors and that “investment returns” - not members’ tithes - would be used to cover the settlement. The SEC charged the Salt Lake City investment firm with “failing to file forms that would have disclosed the church’s equity investments,” according to an agency news release, “and for instead filing forms for shell companies that obscured the church’s portfolio and misstated Ensign Peak’s control over the church’s investment decisions.” The SEC also charged the church with “causing these violations.” ![]()
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