More than $100 billion hidden from the US tax authorities – Corriere.it

“Kind of hedge funds worth more than $100 billion owned by the Mormon Church, which has disguised itself as a charitable corporation.” He denounces it in front of transmission cameras 60 minutes From CBS, David Nielsen, a Mormon financier left Wall Street in 2009 To go and manage the assets of The Church of Jesus Christ of Latter-day Saints: «I was thinking of going to distribute resources in the community and Instead I found myself managing an investment fund called Ensign Peak Advisors, which continued to grow and did not give anything to anyone. It also grew because it did not pay any taxes, as the company was registered as a non-profit. But he made a profit, and how».

He left Nielsen in 2019 and has denounced what he considers Fraudulent conduct of the Mormon Church against the IRS. who, however, chose not to intervene. Instead, the Securities and Exchange Commission, the authority that oversees the stock exchange and financial markets, stepped in. The American Consop discovered that in 2019, the Mormon Church created 13 ShellWhat does it mean Shell companies that hide part of the invested assets behind them: $32 billion in stocks. Then the church they are based at Salt Lake City He had to pay a $5 million fine.

Today the Mormon Church defends itself by defining Nielsen’s accusations as unfounded, even if they really are. His complaint that led to his conviction by the SEC in 2019So we made a mistake, we were badly advised by our lawyer. “But Nielsen only has a partial view of what’s going on in our church,” says Chris Waddell, one of the three Mormon bishops responsible for keeping track of its financial troubles.

interviewed by CBS, however, Waddell refuses to provide figures on the origins of the church. when reporter 60 minutes He tells him that there is talk of a treasure $150 billionThe Mormon bishop answers in a non-negative way: “He’s a character made.” And then, after refusing to explain how that money was used, he just concluded The legacy serves to ensure the survival of the church in the event of natural or financial disaster.

The argument has its value: the Vatican also, for example, has a financial structure (marked over the years by controversies and scandals) that is called upon to guarantee Financial support from the Catholic Church. But the Mormon Church wants more than a donation from its 17 million believers: Everyone is required to put 10 percent of their income into the church coffers. Max called input tithing Which, according to the promises of the Mormon organization, “will be used to grow the church and spread God’s work throughout the world. God bless whoever pays tithing».

So A contribution presented as a charitable act, but is actually something else. However, the IRS has yet to open an investigation despite Bishop Waddell himself acknowledging that his nonprofit is profitable, and how. But a former IRS executive points out that the IRS will likely continue to ignore the issue: in an America that is divided on everything and tends to radicalize all tax officials. They do not want to risk being accused of violating the principle of absolute religious freedom.