This week on Mormon True Crime, Hannah and Jess dig into the Keystone Securities case: a mining stock offering, allegedly false and misleading statements, and a broker-dealer registration that got revoked. Ballard was personally named as a cause of that revocation. He was never criminally convicted, and Mormon apologetics site FAIR has a list of defenses — but the SEC's findings stood.
Then they connect it to something more recent: the Church's own 2023 SEC settlement over Ensign Peak Advisors, which used shell LLCs to obscure its investment portfolio for years.
Same institution, same pattern, decades apart — public-facing polish, and a very different story underneath once regulators got involved.
Why does transparency keep becoming a problem for an institution that demands total honesty from its own members?
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