Mark Walter’s Insurance and Investment Companies Under Federal Investigation
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U.S. federal authorities are examining possible financial misconduct at two insurance firms controlled by Los Angeles Lakers majority owner Mark Walter and at investment firm Guggenheim Partners, according to Bloomberg.
The Federal Bureau of Investigation and the U.S. Securities and Exchange Commission have opened parallel inquiries into Delaware Life Insurance Co. and Clear Spring Life and Annuity Co. Walter oversees both insurers and holds a stake in Guggenheim through his holding company, TWG Global.
Investigators are reviewing whether the insurers invested billions of dollars in private loans instead of buying comparable assets on public markets, whether those loans were linked to businesses owned by Walter, and whether the companies failed to disclose those ties to regulators and policyholders.
No charges have been filed, and Walter has not been accused of wrongdoing. Federal probes of this nature sometimes end without criminal or civil action.
Parent firm Group 1001 and TWG Global said in separate statements that they are cooperating fully with investigators.
Sports Holdings Not Immediately Affected
Walter’s ownership portfolio includes the Los Angeles Dodgers, the L.A. Sparks of the WNBA, Chelsea FC of the English Premier League, the Cadillac Formula 1 team, and all six franchises in the Professional Women’s Hockey League. At present, none of those teams are implicated in the investigation. League officials could revisit Walter’s ownership status only if charges are ultimately brought.
The NBA Board of Governors unanimously approved Walter’s purchase of a controlling stake in the Lakers in October 2023. At the time, he called the franchise “one of the most iconic in all of sports” and pledged to “maintain that excellence” alongside governor Jeanie Buss.
Source: Lakers Nation
