The Church of Jesus Christ of Latter-day Saints' came out against allegations made by Whistleblower David Nielsen against the church's investment arm.
Fox News Flash top headlines are here. Check out what's clicking on Foxnews.com.
In a statement to Fox News Digital, a spokesperson for the church condemned Nielsen's claims and the"60 Minutes" report. What is not spent each year is transferred into a reserve fund, Nielsen said. He claimed that this fund has ballooned beyond $100 billion since its inception in 1997. "You could solve big problems with $100 billion," Nielsen said."I thought we were gonna change the world. And we just grew the bank account."
"It's a bit tongue in cheek. But deep down, I think a lot of the employees really did believe that," he said. In 2018, Nielsen alleges, the church called an emergency meeting after a website called"Mormonleaks" allegedly connected church members to shell companies that held billions of dollars in stocks and bonds. Nielsen resigned in 2019 and filed a 74-page whistleblower complaint with thealleging that Ensign Peak violated its tax-exempt status by moving funds to for-profit businesses. It was not until 2021, he says, that he was contacted instead by the Securities and Exchange Commission.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
LDS Church says ‘unfortunate’ ‘60 Minutes’ episode was based on ‘unfounded allegations’The 13-minute segment featured former portfolio-manager-turned-whistleblower David A. Nielsen speaking publicly for the first time since filing a complaint in late 2019 with the IRS. In response, the Utah-based faith issued a two-paragraph release.
Read more »
LDS Church showcases its first ‘modular’ templeThe Church of Jesus Christ of Latter-day Saints built its first modular temple, in Helena, Montana. Public tours begin this week.
Read more »
‘I thought we were going to change the world’ — Ex-money manager explains why he blew the whistle on LDS financesIn his first public comments since becoming a whistleblower, a former investment manager for the LDS Church said the faith illegally stockpiled $100 billion in investments built from members’ tithing “and the funds were never used” for good works.
Read more »
Scott D. Pierce: Whistleblower came off well in ‘60 Minutes’ report. The LDS Church did not.Scott D. Pierce: The Church of Jesus Christ of Latter-day Saints did not come off looking good Sunday night on “60 Minutes.' Its representative looked, at best, evasive.
Read more »
Historic LDS chapel — cracked and battered by 2020 earthquake — faces a future of rubbleWhen it opened in 1926, the Wells Ward chapel in Salt Lake City was described as one of The Church of Jesus Christ of Latter-day Saints' 'finest and largest' meetinghouses. Nearly 100 years later, the building is destined for demolition.
Read more »