finance2 years ago
Whistleblower Exposes Mormon Church's $100bn Clandestine Hedge Fund
A whistleblower has accused Ensign Peak Advisors, the investment arm of the Church of Jesus Christ of Latter-day Saints, of operating as a "clandestine hedge fund" and amassing a $100bn investment portfolio. The whistleblower, a former portfolio manager at Ensign, claims that the church has misled members about its use of their donations and has not used the funds for charitable purposes. The church has denied the allegations and stated that it follows all applicable laws and accounting principles.