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Mormon church fined $5M for obscuring size of portfolio

FILE - The angel Moroni statue sits atop the Salt Lake Temple of The Church of Jesus Christ of Latter-day Saints at Temple Square on Sept. 11, 2014, in Salt Lake City. The U.S. Securities and Exchange Commission says, Tuesday, Feb. 21, 2023, The Church of Jesus Christ of Latter-day Saints and its investment arm will pay $5 million in fines. The SEC alleges the church used shell companies to obscure the size of the portfolio under the church's control. (AP Photo/Rick Bowmer, File) FILE - The angel Moroni statue atop the Salt Lake Temple is silhouetted against a cloud-covered sky, at Temple Square in Salt Lake City on Feb. 6, 2013. The U.S. Securities and Exchange Commission says, Tuesday, Feb. 21, 2023, The Church of Jesus Christ of Latter-day Saints and its investment arm will pay $5 million in fines. The SEC alleges the church used shell companies to obscure the size of the portfolio under the church's control.(AP Photo/Rick Bowmer, File)