The Mormon Church settles allegations it hid $32 billion in investments. A top exec said the church was worried its staggering wealth would cause members to stop donating.
The Mormon Church agreed to settled allegations it tried to hide $34 billion in investment assets — a move a top executive said was done in part because the church was worried members wouldn't donate if they realized how rich it was.
According to the SEC, the church and Ensign Peak"went to great lengths to avoid disclosing the Church's investments, depriving the Commission and the investing public of accurate market information."According to a 2020 story in the The Wall Street Journal Roger Clarke, the head of Ensign Peak Advisors, told the Journal that church leaders were concerned that knowledge of the fund would discourage regular donations from its members known as tithes.
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