An exposé on the finances of The Church of Jesus Christ of Latter-day Saints (LDS Church) will be the first segment of this Sunday’s ’60 Minutes,’ which will also include an on-camera interview with a former senior portfolio manager of the faith’s financial arm who later came forward.
David A. Nielsen has previously declined interview requests, including from The Salt Lake Tribune.
LDS Church tax scandal in ‘60 Minutes’
Nielsen filed a complaint with the IRS in late 2019 alleging that the Utah-based faith amassed a $100 billion reserve fund meant for charity but never used for that purpose, potentially in violation of tax laws.
Nielsen will break his public quiet on the newsmagazine program ‘60 Minutes,’ which airs Sunday at 6pm Nielsen will chat with journalist Sharyn Alfonsi. both CBS/Channel 2 and Paramount+ will stream the broadcast.
Nielsen will discuss his allegation that instead of using the money on good works, hundreds of millions were used to bail out businesses with church ties in the report on the $100 billion fortune built by the [church’s] secretive investment arm — Salt Lake City-based Ensign Peak Advisors.
In a news release at the time, Latter-day Saint authorities dismissed the claims, saying the church complies with every applicable law governing our donations, investments, taxes, and reserves.
Additionally, they have argued that profits on invested reserve funds rather than actual tithe donations were used to fund the commercial initiatives.
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SEC Settles $5M Lawsuit with Church
Earlier this year, Nielsen complained to Congress and provided what he described as proof of false claims, systemic accounting fraud, and violations of tax rules and other federal legislation.
He urged the Senate Finance Committee to look into the faith’s financial operations.
Among other things, he has claimed that his previous employer avoided paying more than $20 billion in taxes and another $2 billion in fines.
The church and Ensign Peak Advisors reached a settlement with the US a few weeks after he brought the claims before the Senate.
Securities and Exchange Commission has agreed to pay $5 million in fines for failing to declare prior stock ownership and going to extraordinary efforts, according to investigators, to purposefully “obscure” the church’s vast investment portfolio.
In a news statement announcing the resolution of the SEC lawsuit, church leaders reaffirmed their commitment to comply with the law and said they regret the mistakes committed.
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