LDS Church Accused Of Secretly Stockpiling $100B

The Washington Post reports:

A former investment manager alleges in a whistleblower complaint to the Internal Revenue Service that the Church of Jesus Christ of Latter-day Saints has amassed about $100 billion in accounts intended for charitable purposes, according to a copy of the complaint obtained by The Washington Post.

The confidential document, received by the IRS on Nov. 21, accuses church leaders of misleading members — and possibly breaching federal tax rules — by stockpiling their surplus donations instead of using them for charitable works. It also accuses church leaders of using the tax-exempt donations to prop up a pair of businesses.

The Salt Lake Tribune reports:

The complaint was filed by David Nielsen, a former portfolio manager for the church’s nonprofit investment arm Ensign Peak Advisors, with the help of his brother Lars Nielsen, who spoke with and provided supporting documents to The Post.

“In a declaration signed under penalty of perjury, Nielsen urges the IRS to strip the nonprofit of its tax-exempt status and alleges that Ensign could owe billions in taxes,” The Post reports. “He is seeking a reward from the IRS, which offers whistleblowers a cut of unpaid taxes that it recovers.”