SALT LAKE CITY (KUTV) — During a report which aired Sunday night on “60 Minutes” regarding the Church of Jesus Christ of Latter-day Saints and it’s financial matters, a financial whistleblower publicly called the Church’s affiliated investment managing group, “a clandestine hedge fund.”
In February, the U.S. Securities and Exchange Commission (SEC) announced the church and its fiduciary would be fined a total of $5 million, less than 1% of the wealth it hid from the government since 1997, according to the SEC filing.
Sunday's broadcast was the first time the former manager at the church's investment firm spoke publicly about their allegations against the institution's financial dealings.
David A. Nielsen, a former senior portfolio manager for Ensign Peak Advisors, the Church's investment division, claims the LDS church, also referred to as the Mormon church, "stockpiled" at least $100 billion of charitable donations "instead of using them for charitable works."
Nielsen, who helped file an IRS whistleblower complaint and was eventually contacted by the SEC said he did not have the intention of attacking the church.
Lars Nielsen, the twin brother of the whistleblower David Nielsen, said it was a difficult decision for his brother to bring his claims to the IRS.
“David Nielsen is a full member of the Mormon church. He pays his tithes, he goes to church, and he is a temple recommend-carrying member of the Church," Lars said.
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