David Nielsen: The Whistleblower – "Busted" The LDS Church’s $100 Billion Investment Portfolio

Posted Aug 3, 2025 | End Times Watch | River Wilde

Sometimes doing the right thing costs you everything. For David Nielsen, a former senior portfolio manager at Ensign Peak Advisors—the $100+ billion investment arm of The Church of Jesus Christ of Latter-day Saints—that statement is painfully true.

In 2019, Nielsen walked away from his prestigious role and risked his reputation, livelihood, and even his relationship with the faith he once belonged to—all because he believed truth and integrity mattered more than silence.

A Hidden Fortune

For years, members of the LDS Church faithfully paid tithing, trusting that their donations went toward missionary work, charity, and building God’s kingdom on earth. What Nielsen discovered behind the doors of Ensign Peak Advisors was far different.

He alleged that tithing funds were being hoarded and invested, ballooning into a secretive fund exceeding $100 billion. According to Nielsen, these reserves weren’t being used for charitable purposes as members had been led to believe. Instead, they were poured into corporate bailouts, real estate ventures, and financial instruments—more like a hedge fund than a church charity.

Conscience Over Comfort

Many would have stayed quiet. After all, Nielsen had a secure, high-paying job and every reason to protect himself. But something inside him refused to ignore what he saw as deception.

In 2019, he filed a whistleblower complaint with the IRS, exposing what he believed were violations of the Church’s tax-exempt status. It was a step that would forever change his life.

Facing the Goliath

Taking on one of the world’s richest religious organizations was no small act of courage. Nielsen knew the backlash would be severe—public scrutiny, strained relationships, accusations of betrayal.

In May 2023, he appeared on 60 Minutes, calling Ensign Peak “a clandestine hedge fund.” For many watching, this was the first time they learned the truth about how their tithing donations were handled.

No Fame, No Fortune—Just the Truth

Contrary to rumors, Nielsen has received no whistleblower reward, no financial gain from exposing these practices. In fact, he’s chosen to live privately, away from the spotlight. His actions were not motivated by revenge or profit but by a simple conviction:

“People deserve honesty about where their sacred offerings are going.”

Why It Matters

This story is bigger than one man. It’s about accountability, transparency, and the courage to stand for truth even when powerful institutions push back. Nielsen’s sacrifice reminds us that faith should never be manipulated for wealth and that one voice can shine light into the darkest corners of deception.

In the end, David Nielsen wasn’t trying to destroy a church—he was trying to save its integrity. Sometimes, doing the right thing means walking away from comfort and security, holding firm to conscience, and trusting that truth will ultimately prevail.

The LDS Church’s Response

When David Nielsen blew the whistle on The Church of Jesus Christ of Latter-day Saints’ secretive $100+ billion investment fund, many members expected church leaders to meet the allegations with transparency, humility, and repentance. Instead, the response revealed how far powerful institutions will go to protect wealth and control.

Deny, Dismiss, and Distract

From the moment Nielsen’s IRS complaint became public, the LDS Church adopted a familiar crisis-management playbook:

• Deny wrongdoing: Public statements insisted the Church “complies with all applicable law” and that investments were simply part of prudent financial stewardship.
• Dismiss the whistleblower: Rather than address the core issues, leaders painted Nielsen as disgruntled and misleading.
• Distract members: Emphasis was shifted to the Church’s humanitarian efforts, diverting attention from the scale and secrecy of the fund.

This wasn’t transparency—it was damage control.

The SEC Fine: Quiet Confirmation

In early 2023, the U.S. Securities and Exchange Commission fined Ensign Peak Advisors and the LDS Church $5 million for intentionally hiding the size of its investments through shell companies.

While Church leaders called this a minor administrative oversight, the SEC described it as deliberate deception—confirming what Nielsen had risked everything to expose.

Protecting Power Over Truth

Why didn’t the Church simply admit wrongdoing and correct it? The answer lies in power and control. Acknowledging Nielsen’s allegations would have meant:

• Admitting members were misled about how their sacred tithing was used.
• Facing questions about hoarding billions while preaching sacrifice and charity.
• Risking loss of unquestioned authority, which is central to LDS leadership.

For an institution built on absolute obedience to hierarchy, admitting failure was too dangerous.

The Cost to Members

Every faithful member who skipped meals to pay tithing, every struggling family denied church aid because “funds are limited”—they are the ones truly betrayed. While leaders sit atop a financial empire, ordinary believers bear the cost of misplaced trust.

Truth Still Stands

Despite the Church’s efforts to bury the story, Nielsen’s courage forced the world to see behind the curtain. The LDS Church may have preserved its power for now, but history—and truth—have a way of surfacing.

Jesus taught that light exposes darkness (John 3:20–21). David Nielsen held up that light, not as an enemy of faith, but as a defender of honesty and integrity. The Church’s response only underscores how desperately light is needed in institutions that claim to speak for God while hiding their own deeds.

The actions and responses of the church are not in harmony with the teachings of Jesus Christ because they often prioritize institutional control, financial gain, and rigid tradition over the heart of the Gospel—love, humility, and mercy.

Jesus rebuked religious leaders who “laid heavy burdens” on the people (Matthew 23:4) while neglecting the “weightier matters of the law: judgment, mercy, and faith” (Matthew 23:23). Instead of welcoming acts of genuine charity and sacrifice, the church has, at times, dismissed faithful offerings that do not flow through its own coffers, mirroring the behavior of the Pharisees who sought recognition and power rather than true service to God.

I personally found this to be the case when I lost my temple recommend as a result of paying my tithing directly to a homeless shelter rather than to the church. I wanted to help others now, rather than just contribute to the churches stock portfolio, and “financial kingdom.” For doing this, I was punished. I learned this day that it was not about fulfilling the principle of tithing to grant you access to the temple, it was that if you desired temple attendance, you must PAY THE CHURCH to receive it.

According to the teachings of Jesus Christ in the King James Bible, salvation and access to God’s presence are by grace through faith, not by payment or works of men. The Bible does not teach that a person must pay any earthly organization to enter into holy places or receive God’s blessings.

The temple of God is a spiritual matter, and no man should place a monetary barrier between the believer and God. True worship and access come from a sincere heart and faith in Jesus Christ, not from giving tithes or offerings to a church for temple entry.

This deviation from Christ’s example of grace and compassion reveals a troubling gap between what Jesus taught and how the institution operates, leaving many sincere believers feeling rejected and spiritually wounded.

I love the members of the Church of Jesus Christ of Latter-Day Saints, for they are the true examples of those who follow Jesus Christ. It is the leaders of the church and their “Corporation” who are giving the church continual “Black Eyes” with the things that they do, which are against the teachings of Jesus Christ. I often wonder how it is possible that these men pass a temple interview and receive temple recommends: “Are you honest in your business dealings?”

We have seen first-hand, church leaders deceive their members. We have also been told through the scripture prophecies that church leaders may even deceive the Very Elect in the last days:

Matthew 24:24 (KJV):

“For there shall arise false Christs, and false prophets, and shall shew great signs and wonders; insomuch that, if it were possible, they shall deceive the very elect.”

With deception already happening through these men, I must state the obvious: It may be very possible that they may deceive again, only this time, your soul might be at stake. Trust God over any man. Take everything to Him and receive your own personal revelation. Then DO what God has told you and act upon His words. By doing this, you will never be deceived.

I invite you all to evaluate your relationship with Jesus Christ. Is it directly with Him, or is it with your church to get to Him?

• John 14:6 – “Jesus saith unto him, I am the way, the truth, and the life: no man cometh unto the Father, but by me.”
• 1 Timothy 2:5 – “For there is one God, and one mediator between God and men, the man Christ Jesus.”
• Ephesians 2:18 – “For through him we both have access by one Spirit unto the Father.”

These verses show that:

• A personal relationship with Jesus is what brings salvation.
• Churches can teach, encourage, and provide fellowship, but they cannot stand between you and God.
• God does not require membership in a specific denomination or church to receive His grace.

The Last Days are upon us. I invite you to spend your spiritual focus directly with Jesus Christ, and not being caught up in the deceptions of men and churches. It is not intended for a church to be between you and Jesus Christ. A church should enhance that relationship with Christ, not dictate the rules or authority to establish it.