(Salt Lake City, UT) — Yesterday, the Securities and Exchange Commission fined the Church of Jesus Christ of Latter-day Saints five-million dollars over accusations the church failed to properly disclose its investment holdings. The SEC said investments and their management were hidden behind a number of shell companies from 1997 to 2019. The church said in a statement that, starting in 2000, its Ensign Peak investment management group “received and relied upon legal counsel regarding how to comply with its reporting obligations while attempting to maintain the privacy of the portfolio.” The statement said after the SEC expressed concern in 2019, the church’s investment arm adjusted its approach and began filing a single report. The statement concluded, “We affirm our commitment to comply with the law, regret mistakes made, and now consider this matter closed.”