A new federal lawsuit filed against The Church of Jesus Christ of Latter-day Saints claims church leadership uses “false pretenses” to solicit donations from it
New federal lawsuit filed against Latter-day Saint church over alleged 'misuse' of donationsFILE - The angel Moroni statue atop the Salt Lake Temple is silhouetted against a cloud-covered sky, at Temple Square in Salt Lake City on Feb. 6, 2013. The U.S. Securities and Exchange Commission says, Tuesday, Feb. 21, 2023, The Church of Jesus Christ of Latter-day Saints and its investment arm will pay $5 million in fines.
Plaintiffs echoed 2019 claims made by David A. Nielson, a former senior portfolio manager for Ensign Peak Advisers. Nielson claimed the Church “stockpiled” $100 billion in charitable donations “instead of using them for charitable works.”Click here to view the PDF file. Church officials released a statement, saying, "In June 2019, the SEC first expressed concern about Ensign Peak’s reporting approach. Ensign Peak adjusted its approach and began filing a single aggregated report. Since that time, 13 quarterly reports have been filed in full accordance with SEC requirements."
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