In 2019, whistleblower David Nielsen exposed the Church of Jesus Christ of Latter-day Saints' investment arm, Ensign Peak Advisors. In a new 60 Minutes episode, he shares how he accused the church of hiding a $32 billion equity portfolio and misusing funds. In February, the church was fined $5 million as a result of these allegations. Nielsen, a devout Mormon, said he reported the church to the IRS because "this is too big a deal… this is not an example for how we should be."
Nielsen left Wall Street to work for Ensign Peak Advisors, hoping to serve his church and community. During the interview, he explained the concept of tithing and emphasized that "integrity is at stake" when discussing his decision to turn whistleblower.
Bishop Christopher Waddell defended the church's financial practices, arguing that Ensign Peak Advisors is the church's treasury. He believes that Nielsen's accusations won't erode trust between the church and its members, stating, "We do announce missionary work. We do share what we're doing with humanitarian work…I think part of the lack of trust…comes from statements or comments from a whistleblower who doesn't have all the information, who doesn't understand…"
