The Church of Jesus Christ of Latter-day Saints and its investment arm, Ensign Peak Advisors, were fined $5 million in February for using shell companies to hide the size of a $32 billion equity portfolio, according to the U.S. Securities and Exchange Commission. A former Ensign Peak portfolio manager blew the whistle on the fund to the IRS in 2019, after working at the firm for nine years. He alleged that the church had accumulated $100 billion in assets and, instead of spending the money on good works, used the money to bail out business with church ties. He claimed that the church violated its religious tax exemption status.
Church leaders have denied the allegations.
60 Minutes correspondent Sharyn Alfonsi traveled to Salt Lake City, Utah, and spoke to David Nielsen about his time at Ensign Peak Advisors and his decision to file a complaint to the IRS.
David Nielsen was a former Wall Street money manager who left New York for Utah to work for the Church of Jesus Christ of Latter-day Saints' financial arm, Ensign Peak Advisors, as a senior portfolio manager. As a devout Mormon, Nielsen explained he felt a calling to serve his church and community, and was excited to work somewhere that was "really going to make a difference."
David Nielsen explained the concept of tithing, the payment that each Church of Jesus Christ of Latter-day Saints member is...
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