| May 15, 2023, 1:50 a.m.
| Updated: 4:37 a.m.
A former investment manager for The Church of Jesus Christ of Latter-day Saints told “60 Minutes” on Sunday he joined the faith’s investment arm, Ensign Peak Advisors, inspired that he might help advance the global denomination’s charitable outreach around the world.
David A. Nielsen, the portfolio supervisor turned IRS whistleblower, said the Utah-based faith instead illegally relied on its tax-exempt status to stockpile upward of $100 billion in investments built from members’ tithing and that “the funds were never used” for those good works.
“It was really a clandestine hedge fund,” Nielsen told the newsmagazine show’s correspondent Sharyn Alfonsi. “Once the money went in, it didn’t go out.”
“I thought we were going to change the world,” said the Salt Lake City resident, who added that he left a lucrative job on Wall Street to join Ensign Peak in 2009 but resigned 10 years later after becoming disillusioned. “We just grew the bank account.”
David Nielsen is blowing the whistle on the Mormon church’s investment firm, Ensign Peak Advisors.
— 60 Minutes (@60Minutes) May 14, 2023
“I thought I was going to work for a charity… The funds were never used for that,” said the former manager, who is accusing the church of stockpiling funds. pic.twitter.com/hspaqf46Mu
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