SALT LAKE CITY (ABC4) — A whistleblower from the Church of Jesus Christ of Latter-day Saints appeared on 60 Minutes to discuss the alleged misuse of church finances on Sunday, May 14.
In 2019, David Nielsen, a former employee of the church’s investment firm Ensign Peak Advisors, claimed the misuse of billions of dollars in tithes — $100 billion to be exact.
On the CBS 60 Minutes show, Nielsen said he turned down an opportunity on Wall Street to work for Ensign Peak because he wanted to help “change the world.”
However he said instead of seeing charity work as he had anticipated, he saw “a clandestine hedge fund,” saying “once the money went in, it didn’t go out.”
Nielsen explained the church receives around $7 billion yearly from tithing, $6 billion of which is used to pay for buildings and church programs. The remaining $1 billion goes to the investment firm, Ensign Peak.
According to the interview, some estimates place that fund as high as $150 billion, however, Bishop W. Christopher Waddell who spoke in the interview said he could not confirm nor deny the estimate.
Nielsen said many Ensign Peak employees believe the funds are set aside for the Second Coming. Wadell said the money was not for the Second Coming but to continue church operations into the future.
Nielsen reportedly sent a 74-page letter to the IRS alleging the stockpile and misuse of the tithing money....
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