In this episode of Scam DamNation, host Lillian S. Cauldwell dives into the $32 billion investment scheme orchestrated by the Mormon Church, which concealed the funds in 'shell' companies for over two decades. The Securities and Exchange Commission (SEC) has fined the Church $5 million for failing to disclose its investment holdings properly. The Church, concerned about the potential negative fallout from revealing the size of its portfolio, used these shell companies to avoid transparency1.
Tune in to Scam DamNation to uncover why the Church felt threatened. Could it be because the Mormon Church, registered as a non-profit under Ensign Peak Advisors, feared that its followers and outsiders might view a holy order with such vast wealth unfavorably, given its principles of charity, poverty, and frugality?
Listen to the podcast to find out when the SEC first noticed this and what transpired next.
Become a supporter of this podcast: https://www.spreaker.com/podcast/scam-damnation--6202894/support.
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