A former employee of a $100 billion investment fund owned by The Church of Jesus Christ of Latter-day Saints has submitted a memorandum to the U.S. Senate Finance Committee and its subcommittee on taxation and IRS oversight about the operations of the Salt Lake City-based Ensign Peak Advisors Inc.

The 90-page memorandum obtained by ReligionUnplugged.com and embedded in this story “summarizes evidence of false statements, systematic accounting fraud, private inurement violations of the Internal Revenue Code and other federal statutes and a ‘Klein conspiracy’ by Ensign Peak Advisors, Inc. (‘EPA’) and others.”

David A. Nielsen, a former employee at EPA, says in the filing that the new memorandum contains more information than the document he submitted to the IRS Whistleblower Office in November of 2019 that was a “placeholder” submission and was given to ReligionUnplugged.com and other outlets by Nielsen’s twin brother, Lars Nielsen, in the fall of 2019. The new document updates, reframes and renews allegations about Ensign Peak Advisors and the Latter-day Saints church.

“For at least 22 years, EPA and certain senior executives have perpetrated an unlawful scheme that relies on willfully and materially false statements to the IRS and the SEC, so this for-profit, securities investment business that unfairly competes with large hedge funds can masquerade as a tax-exempt, charitable organization,” the memorandum says. “EPA’s senior managers for years have regularly permitted...

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