The Lacuna Project

lacuna (n.) a gap in a record where something should be

Independent research. Not affiliated with any government, agency, or company.

Agency

U.S. Securities and Exchange Commission

Documented money flows

Findings that rest on exhibits naming this entity

  • INF-1.4: Form 13F filings for 31 December 2025 show Vanguard, BlackRock and State Street each holding shares of all 20 share classes checked, those of the 17 companies above and of News Corporation. Comcast Class A, for example, appears at 369.3 million, 315.8 million and 186.8 million shares, and Pfizer at 541.3 million, 493.1 million and 300.4 million.
  • INF-3.13: Reddit stated on 9 June 2023 that it would charge $0.24 per 1,000 API calls above free limits from 1 July 2023. Its Form S-1 of 22 February 2024 states that in June 2023 moderators of certain communities inhibited normal operations, in many cases in violation of site-wide rules, and that this has not historically had a material impact.
  • INF-3.14: Reddit reports that from July to December 2023 moderators removed 1.9% and admins 1.8% of all content created, and that admins banned 640,685 communities: 456,849 (71%) for spam and 183,836 for non-spam violations, 92% of the non-spam bans because the community was unmoderated. Reddit's Form S-1 reports an average of over 60,000 daily active volunteer moderators in December 2023, and a peer study of 126 subreddits found that invisible work is a median 43% of human moderator labor.
  • POL-3.1: Meta's annual reports state that substantially all of its revenue comes from selling advertising, and its 2017 report lists decreased user engagement and time spent as a risk to that revenue. Advertising revenue was $39.9 billion in 2017, $55.0 billion in 2018 and $160.6 billion in 2024.
  • POL-3.2: In January 2018 Adam Mosseri announced that Facebook would prioritize posts that spark conversations and meaningful interactions between people in News Feed. The company's 10-K for 2017 said it expected the change to reduce time spent and some measures of user engagement.
  • POL-4.6: News reports state that the Justice Department closed its inquiries into Senators Loeffler (R), Feinstein (D) and Inhofe (R) by 26 May 2020, Perdue (R) by 25 November 2020 and Burr (R) in January 2021 without charges. A letter released by Loeffler's spokesperson, whose authenticity the committee staff did not confirm, says the Senate Ethics Committee dismissed the matter on 16 June 2020, and Burr says the SEC took no action.
  • POL-4.12: Two Republicans were prosecuted for insider trading: Christopher Collins (R-NY) pleaded guilty in 2019 over information from his seat on the board of Innate Immunotherapeutics, and former Representative Stephen Buyer (R-IN) was convicted in 2023 over information from his consulting work after he left Congress; neither case used information obtained through congressional office, and the cited records contain no Democratic counterpart.
  • REL-4.3: The SEC found that from 1997 through 2019 Ensign Peak Advisors, an integrated auxiliary of The Church of Jesus Christ of Latter-day Saints, did not file Forms 13F in its own name. The Church and Ensign Peak created thirteen LLCs for the sole purpose of filing the forms and preventing public disclosure of the Church's equity holdings, and the Church's senior leadership approved the approach.
  • REL-4.4: The SEC found that the LLCs' forms misstated that the LLCs had sole investment and voting discretion, and that the Church's audit department highlighted in 2014 and 2017 the risk that the SEC might disagree with the structure. The practice ended with a consolidated Form 13F filed on 14 February 2020 that listed 1,659 securities worth about $37.8 billion.
  • REL-4.5: On 21 February 2023 the SEC ordered Ensign Peak Advisors to pay $4,000,000 and the Church $1,000,000 and ordered both to cease and desist, in a settlement in which neither admitted nor denied the findings. The Church's statement of the same day says Ensign Peak "received and relied upon legal counsel" and that "We affirm our commitment to comply with the law, regret mistakes made, and now consider this matter closed"; its statement of 17 December 2019 says "The Church complies with all applicable law governing our donations, investments, taxes, and reserves."
  • REL-4.6: Religion Unplugged reported on 30 March 2021 that a former Ensign Peak employee prepared a 74-page complaint to send to the IRS whistleblower program, and that an IRS spokesman in Utah could not confirm any investigation. No public IRS outcome has been found. By the Church's own account the SEC first expressed concern about Ensign Peak's reporting in June 2019.
  • AGR-5.4: Pilgrim's Pride pleaded guilty to a conspiracy to fix prices and rig bids for broiler chicken products and was sentenced to a criminal fine of $107,923,572 on February 23, 2021. ERS reports that individual defendants in the DOJ broiler cases were acquitted in jury trials. Tyson's filing states that the first civil broiler antitrust jury trial ended in a verdict for the defendants.
  • AGR-5.5: Tyson has agreed to class settlements of $221.5 million in the broiler case, $183 million in the pork case and $182 million in the beef case, and states that it does not admit liability. JBS USA settled three beef classes for $161.0 million and three pork classes for $57.3 million, and Pilgrim's Pride settled three broiler classes for $195.5 million.
  • AGR-5.7: On July 16, 2026 the District of Minnesota certified four classes in the beef antitrust litigation, and the Eighth Circuit has agreed to review that certification. National Beef disclosed that DOJ told it in September 2025 that it was closing the federal investigation of fed cattle and beef packing markets, and that DOJ opened a new civil antitrust investigation in November 2025.
  • AGR-5.9: The filings cited record no court decision on whether the largest beef packers fixed prices or manipulated cattle prices.
  • AGR-5.18: The Bill & Melinda Gates Foundation Trust reported 500,000 Monsanto shares in each quarterly Form 13F from June 2010 through September 2011, 0.2 percent of the value of the positions it listed at June 30, 2010.

Exhibits naming this entity

  • Exhibit 421 21 February 2023. U.S. Securities and Exchange Commission: In the Matter of Ensign Peak Advisors, Inc. and The Church of Jesus Christ of Latter-day Saints, Exchange Act Release No. 96951, File No. 3-21306
  • Exhibit 422 21 February 2023. U.S. Securities and Exchange Commission: SEC Charges The Church of Jesus Christ of Latter-day Saints and Its Investment Management Company for Disclosure Failures and Misstated Filings (press release 2023-35)
  • Exhibit 423 30 March 2023. U.S. Securities and Exchange Commission: SEC Whistleblower Program, Notice of Covered Action 2023-036 (Ensign Peak Advisors / the Church)
  • Exhibit 629 3 August 2026. Tyson Foods, Inc. (SEC filing): Tyson Foods, Inc., Form 10-Q for the quarter ended 27 June 2026 (Contingencies: Broiler, Pork and Beef Antitrust Litigation; DOJ civil investigative demands)
  • Exhibit 630 26 March 2025. JBS S.A. (SEC filing): JBS S.A., Form 20-F for the fiscal year ended 31 December 2024 (Legal proceedings: Broiler, Pork and Beef Antitrust Litigation)
  • Exhibit 631 6 November 2026. U.S. Premium Beef, LLC (SEC filing): U.S. Premium Beef, LLC, Form 10-Q for the quarter ended 26 September 2026 (Note 10, Legal Proceedings, describing National Beef Packing Company)
  • Exhibit 643 16 August 2010. Bill & Melinda Gates Foundation Trust (SEC filing): Form 13F-HR, Bill & Melinda Gates Foundation Trust, quarter ended 30 June 2010
  • Exhibit 712 1 February 2018. Facebook, Inc. (SEC filing): Facebook, Inc. Form 10-K for fiscal year 2017
  • Exhibit 713 31 January 2019. Facebook, Inc. (SEC filing): Facebook, Inc. Form 10-K for fiscal year 2018
  • Exhibit 714 30 January 2025. Meta Platforms, Inc. (SEC filing): Meta Platforms, Inc. Form 10-K for fiscal year 2024
  • Exhibit 756 7 January 2023. InsuranceNewsNet (wire report): Burr probe over, no action: SEC ends insider trading investigation
  • Exhibit 757 8 August 2018. U.S. Securities and Exchange Commission: SEC Charges Congressman and Others in Insider Trading Scheme (Press Release 2018-151)
  • Exhibit 758 9 December 2019. U.S. Securities and Exchange Commission: SEC Litigation Release No. 24687 (Collins, Collins, Zarsky settlements)
  • Exhibit 976 29 January 2026. U.S. Securities and Exchange Commission (filed by Vanguard Group Inc): Vanguard Group Inc Form 13F-HR information table for the quarter ended 31 December 2025
  • Exhibit 977 12 February 2026. U.S. Securities and Exchange Commission (filed by BlackRock, Inc.): BlackRock, Inc. Form 13F-HR information table for the quarter ended 31 December 2025
  • Exhibit 978 13 February 2026. U.S. Securities and Exchange Commission (filed by State Street Corp): State Street Corp Form 13F-HR information table for the quarter ended 31 December 2025
  • Exhibit 1055 22 February 2024. Reddit, Inc.: Reddit, Inc. Form S-1 registration statement (risk factors and business description)
  • Exhibit 1254 25 September 2008. SEC Office of Inspector General: SEC's Oversight of Bear Stearns and Related Entities: The Consolidated Supervised Entity Program (Report No. 446-A)
  • Exhibit 1255 2009 (month not shown in the text read). U.S. Securities and Exchange Commission: U.S. Securities and Exchange Commission, FY 2010 Congressional Justification in Brief
  • Exhibit 1256 February 2011. U.S. Securities and Exchange Commission: U.S. Securities and Exchange Commission, In Brief, FY 2012 Congressional Justification