A former investment manager for The Church of Jesus Christ of Latter-day Saints alleged in a bombshell “60 Minutes” segment that the organization amassed more than $100 billion to be used for charity but hoarded the money or spent it on for-profit ventures, violating the church’s tax-exempt status. The Mormon church has since issued a statement pushing back on the claims, calling the episode “unfortunate” and stating that the story was based on “unfounded allegations.”
David Nielsen worked in the Mormon church’s investment arm, Ensign Peak Advisors, for 9 years, managing their portfolio. In 2019, David Nielsen submitted a whistleblower complaint to the IRS against what he describes as the Mormon church’s “clandestine hedge fund.” This recent interview with “60 Minutes” was Nielsen's first time speaking publicly since filing the complaint.
Nielsen told “60 Minutes” that, during his time with Ensign Peak, he witnessed the firm falsifying records and statements to pose as a charitable organization. He alleges that, meanwhile, the money they collected was being hoarded, rather than spent on the philanthropic endeavors promised. Nielsen also alleges that the church deceived its members on how their donations were being spent.
“Once the money went in, it didn’t go out,” Nielsen said in...
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