- Reaction score
- 1,709
Former church investment manager claims funds were intended for charity work but spent on for-profit initiatives as a tax dodge
A former investment manager for the Church of Jesus Christ of Latter-day Saints says that the organization stockpiled more than $100bn in funding intended for charity work but never spent it on such projects.
“It was really a clandestine hedge fund,” David A Nielsen said during an interview with CBS’s 60 Minutes. “Once the money went in, it didn’t go out.”
Nielsen, who submitted a complaint to the Internal Revenue Service in 2019, previously managed the church’s investment arm, Ensign Peak Advisors, for nine years.
A report on the complaint to the top US tax authority was published by the Washington Post in 2019 after Nielsen’s brother provided a copy.
A former investment manager for the Church of Jesus Christ of Latter-day Saints says that the organization stockpiled more than $100bn in funding intended for charity work but never spent it on such projects.
“It was really a clandestine hedge fund,” David A Nielsen said during an interview with CBS’s 60 Minutes. “Once the money went in, it didn’t go out.”
Nielsen, who submitted a complaint to the Internal Revenue Service in 2019, previously managed the church’s investment arm, Ensign Peak Advisors, for nine years.
A report on the complaint to the top US tax authority was published by the Washington Post in 2019 after Nielsen’s brother provided a copy.
Mormon church has $100bn ‘clandestine hedge fund’, says whistleblower
Former church investment manager claims funds were intended for charity work but spent on for-profit initiatives as a tax dodge
www.theguardian.com