Lakers owner Mark Walter facing federal investigation over insurance dealings
lakers-owner-mark-walter-federal-investigation
Federal prosecutors and the U.S. Securities and Exchange Commission are examining whether two insurance companies tied to Los Angeles Lakers majority owner Mark Walter failed to disclose that private-credit investments were being used to support other enterprises within his business portfolio, according to Bloomberg.
Regulatory filings show that the insurance firms, controlled through Walter’s holding company TWG Global, were served with grand jury subpoenas in February. Details of the requests became public in June. The inquiry remains active, and authorities have not announced any criminal charges.
Bloomberg reported that the insurers are linked to Guggenheim Partners LLC, where Walter holds an ownership stake. Investigators are focused on whether required disclosures were omitted when the companies allocated funds to related businesses.
Walter completed his purchase of a controlling interest in the Lakers last year. Jeanie Buss stayed on as governor and continues to manage day-to-day basketball operations. Beyond the NBA franchise, Walter’s sports holdings include the Los Angeles Dodgers, the WNBA’s Los Angeles Sparks, stakes in Chelsea FC, the Professional Women’s Hockey League and several other teams.
Neither Walter nor TWG Global has commented publicly on the investigation. Authorities have not set a timetable for concluding the review.
Source: Hoops Wire
