The Church of Jesus Christ of Latter-day Saints has allegedly amassed US$100 billion in purportedly charitable assets since 1997 without ever giving any money away – a possible breach of federal tax laws.
This estimate of the size of its investment vehicle known as Ensign Peak Advisors became public knowledge when David A. Nielsen, a former employee and a member of the church, blew the whistle.
Together with his twin brother Lars, a former church member, Nielsen gave the Internal Revenue Service evidence he claims proves the church mishandled funds.
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