Insider exposes alleged financial misconduct at Mormon church's investment firm.

A former senior portfolio manager at Ensign Peak Advisors, the investment arm of the Church of Jesus Christ of Latter-day Saints, has alleged that the firm violated its tax-exempt status by directing funds built from member donations to bail out businesses with ties to the church. David Nielsen filed a whistleblower complaint with the IRS in 2019, alleging that the firm used false records and statements to appear as a charity while stockpiling money and misleading church members. The SEC fined the Mormon church and Ensign Peak a total of $5m in February for using shell companies to obscure the size of its investment portfolio.