“SEC investigators found the church "went to great lengths" to hide $32 billion in securities over nearly 20 years. It created 13 shell companies that were "…assigned a local phone number that would go directly to voicemail" in case regulators checked in.”
Ensign Peak turned leftover tithing into a reserve past $100 billion, tax-free because it is registered as a nonprofit. The church hid $32 billion of it behind 13 shell companies with phone lines that went straight to voicemail. The SEC fine was $5 million. Bishop Christopher Waddell’s defence is that it was confidential, not secret, because otherwise everyone would tell the church what to do with the money.