The Securities and Exchange Commission (SEC) has charged an investment arm of the Mormon church for disclosure failures and misstated filings.

Ensign Peak, a nonprofit entity operated by the Church of Jesus Christ of Later-day Saints, agreed to pay a $4 million penalty for failing to file forms that would have disclosed the church’s equity investments, and instead filing forms for shell companies that concealed the Church’s portfolio – as well as misstated Ensign Peak’s control over investment decisions, according to the .

The church, which requires its members give 10% of their income in the form of tithing, itself agreed to pay a $1 million penalty, according to the SEC.

“We allege that the LDS Church’s investment manager, with the Church’s knowledge, went to great lengths to avoid disclosing the Church’s investments, depriving the Commission and the investing public of accurate market information,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “The requirement to file timely and accurate information on Forms 13F applies to all institutional investment managers, including non-profit and charitable organizations.”

Earlier this month the reported that the SEC was investigating the Mormon church, after a former employee revealed in 2019 that the organization had amassed $100 billion of holdings.

Ensign Peak and church officials say they haven’t violated nay tax laws, and that the fund was a “rainy-day account” to be used in difficult economic times.