SEC charges the Church of Jesus Christ of Latter-Day Saints
1–10 of 232 posts
Re: SEC charges the Church of Jesus Christ of Latter-Day Saints
#2- $5 million in fines, for
- 22 years of willful reporting violations
- using 13 shell companies
- to conceal ownership of a $32 billion portfolio
I'm sure they're gutted by this ~0.016% fine.
Re: SEC charges the Church of Jesus Christ of Latter-Day Saints
#3$5M penalty seems very small.
Re: SEC charges the Church of Jesus Christ of Latter-Day Saints
#4[deleted]
Re: SEC charges the Church of Jesus Christ of Latter-Day Saints
#5I think we really should be looking at the tax-exempt status of religious organizations have that subsidiaries that are doing their taxes and setting up shell companies to hide where money is coming/going.
Re: SEC charges the Church of Jesus Christ of Latter-Day Saints
#6[dead]
Re: SEC charges the Church of Jesus Christ of Latter-Day Saints
#7- $5 million in fines, for - 22 years of willful reporting violations - using 13 shell companies - to conceal ownership of a $32 billion portfolio I'm sure they're gutted by this ~0.016% fine.
For context, 0.016% of 22 years is 1.25 days. They got fined effectively 1.25 days out of 22 years of profit.
Re: SEC charges the Church of Jesus Christ of Latter-Day Saints
#8$5M penalty seems very small.
I would guess there’s some reticence to be seen coming down hard on a church, not that it is going to help to levy only a small fine.
Re: SEC charges the Church of Jesus Christ of Latter-Day Saints
#9I think we really should be looking at the tax-exempt status of religious organizations have that subsidiaries that are doing their taxes and setting up shell companies to hide where money is coming/going.
Better to just get rid of the tax exempt status for religious organizations altogether. They can operate like any other non-profit and be subject to that set of rules, or they can be a regular corporation and be subject to a different set of rules. The religious exemption is a big regulatory gap that doesn't need to exist.
Re: SEC charges the Church of Jesus Christ of Latter-Day Saints
#10$5M penalty seems very small.
Usually this would mean that they didn't think they had a very strong case.