![]() ![]() ![]() Court documents and Security and Exchange Commission filings shed additional light on how the church invests its money.Įnsign Peak is a huge investor in iconic technology stocks.Īccording to its first 2020 report to the U.S. (Trent Nelson | The Salt Lake Tribune) The Church of Jesus Christ of Latter-day Saints' Administration Building in Salt Lake City on Thursday, Aug. Here is some of what all these documents have brought into focus: Heavy on tech In several rounds of clashing court motions, the closely watched dispute led church attorneys to reveal innermost business details to a federal judge on some of Ensign Peak’s biggest transactions - including how it helped fund the City Creek Center mall in downtown Salt Lake City. “The financial records destroy Huntsman’s fraud claim,” its lawyers argued in Aug. The church contended no actual tithing was ever used and instead came from Ensign Peak’s earnings. A federal judge recently tossed out the lawsuit, but Huntsman’s lawyers plan to appeal. That case, brought by prominent former Utahn James Huntsman, sought at least $5 million in donations, interest and penalties, alleging the faith’s top authorities fraudulently misled members about spending donations meant for spiritual endeavors on commercial projects instead. ![]() It accused church leaders of fraud over their handling of billions of dollars in members’ tithing. Though not named as parties, Ensign Peak Advisors and the words and actions of its senior managers were at the center of a high-profile lawsuit filed last March in U.S. Alongside that stream of new financial information, a few other cracks in the walls of secrecy around Ensign Peak are being widened in federal court. It totaled nearly $50 billion as of June after gaining $3 billion in three months and adding nearly $12 billion since its first filing in early 2020 - just before the U.S. Ensign Peak has since made what amounts to a stunning series of quarterly reports to federal authorities on the portion of the Utah-based faith’s overall holdings it manages, not least for the portfolio’s sheer size. That touched off waves of new scrutiny for a global church used to keeping the slimmest of financial profiles. ![]()
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