IRS Received Report About Mormon Church From Whistleblower

In 2019, David Nielsen blew the whistle on the Ensign Peak Advisors investment group for the Mormon Church. Since then he has not come out to publicly share the story until last night, May 14th, on 60 Minutes.

Nielsen was a success on Wall Street and was doing great in business school when he got the call to go out to Utah and help out the Ensign group. He met a lot of nice folks there but found out quickly that he had just been placed in a precarious situation. Upon arrival, Neilson was told that Ensign had over $32 billion in assets and he discovered that the company was founded on lies and secrecy.

At the time that David filed with the IRS (9 years after starting to work there), he alleged that Ensign had accumulated around $100 billion. This company was supposed to be a charity organization, but according to David the whistleblower, the company used all of its money to prop up businesses that gave it money and was really lying to everyone. The money that was amassed and misused by Ensign included tithe money. Tithing money as David explained to 60 Minutes is basically money that people donate directly to the church to keep lights on, support church programs and so on. Tithing is not exactly meant to be put in the hands of people who will embezzle and misuse it.

IRS Received Report About Mormon Church From Whistleblower

After David Nielsen revealed all of his findings the Mormon Church leaders retaliated saying that David was lacking in information and had no idea what he was talking about. When asking about whether or not the integrity of the investment group was at stake as Nielsen believes, the bishop claimed again that Nielsen did not have a full grasp on the situation and that it is people like the whistleblower who cause distrust.

Well, the bishop seems to think that Ensign is trustworthy enough, but the US Securities and Exchange Commission said otherwise. In February Ensign was fined $5 million for hiding $32 billion behind ‘shell companies’. Sounds a bit fishy to me.

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