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Mormon Church accused of misleading members on $100B fund

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A former investment manager is blowing the whistle on the Church of Jesus Christ of Latter-day Saints, aka the Mormon Church.

The whistleblower alleges the church has amassed $100 billion in accounts intended for charitable spending. The complaint alleges church leaders misled members and possibly breached federal tax rules.

At issue is an allegation that the church stockpiled the donations instead of using them for charitable causes. The church also is accused of allegedly using the tax-exempt donations to prop up a pair of businesses.

“Claims being currently circulated are based on a narrow perspective and limited information,” said a statement attributed to the church’s First Presidency, its top governing body. “The church complies with all applicable law governing our donations, investments, taxes and reserves.”

Read more from The Washington Post.


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