Mormon church has $100bn ‘clandestine hedge fund’, says whistleblower

Some experts say it is unlikely that the LDS church will face more scrutiny because the organization is so politically powerful. Photograph: Rick Bowmer/AP

A former investment manager for the Church of Jesus Christ of Latter-day Saints says that the organization stockpiled more than $100bn in funding intended for charity work but never spent it on such projects.

“It was really a clandestine hedge fund,” David A Nielsen said during an interview with CBS’s 60 Minutes. “Once the money went in, it didn’t go out.”