In Episode 80 of our LDS Discussions series, Julia, Kolby, and Nemo the Mormon join together for a deep dive into one of the most significant financial controversies in modern Latter-day Saint history: Ensign Peak Advisors and the SEC’s investigation into the Church of Jesus Christ of Latter-day Saints.

The discussion begins by examining what Ensign Peak Advisors is, why the Church created an enormous investment reserve, and whether maintaining such a fund is inherently problematic. From there, the panel walks through the timeline leading up to the 2019 whistleblower revelations and the 2023 SEC Order, exploring the Church’s filing practices, the creation of 13 shell companies, and the legal findings that concluded the Church intentionally obscured the size of its investment portfolio.

Along the way, we analyze statements from Church leaders including Roger Clarke, Christopher Waddell, Elder Ballard, Elder Packer, Joseph F. Smith, Lorenzo Snow, and others, comparing modern financial practices with historical teachings on tithing. We also discuss the evolution of tithing slips, the Church’s growing investment portfolio, estimates of annual tithing revenue, David Nielsen’s whistleblower allegations, and the ethical implications of the Church’s financial secrecy.

Finally, the panel examines the SEC’s findings in detail, asking difficult questions about honesty, accountability, transparency, and whether a church that teaches integrity should be held to the same legal and ethical standards it expects of its members.

This episode provides one of the most comprehensive examinations of the Ensign Peak controversy, combining historical documents, SEC records, Church statements, and primary sources to better understand what happened –and why it matters.

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