Former Mormon insider exposes alleged financial misconduct in church.

1 min read
Source: CBS News
Former Mormon insider exposes alleged financial misconduct in church.
Photo: CBS News
TL;DR Summary

A former manager at the Church of Jesus Christ of Latter-day Saints' investment firm, Ensign Peak Advisors, has blown the whistle on the church's alleged "clandestine hedge fund" worth over $100 billion. David Nielsen alleges that the funds were used in ways that bent the law and broke his faith, and that Ensign Peak violated its tax-exempt status by moving money to for-profit businesses. The Securities and Exchange Commission fined the church and Ensign Peak a total of $5 million for failing to file accurate reports on its holdings with the SEC. Nielsen filed a 74-page whistleblower complaint with the Internal Revenue Service, and if the IRS decides Nielsen is right, he could be rewarded with up to 30% of what's collected.

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