Federal Inquiry into Mark Walter’s Business Dealings Extends to Chicago
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Federal Inquiry into Mark Walter's Business Dealings Extends to Chicago
- Federal prosecutors and securities regulators are investigating Los Angeles Dodgers and Lakers owner Mark Walter's insurance operations over approximately $16 billion in undisclosed loans to his own companies.
- The probe, which reportedly began last year, has expanded in scope, with federal agents seizing Walter's phone and laptop in September.
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Federal prosecutors are reportedly examining loans made by insurance companies controlled by Mark Walter, CEO of Guggenheim Partners and owner of the Los Angeles Dodgers and Lakers, to companies affiliated with Chicago’s Hudson Trading Inc. This inquiry is part of a broader investigation into Walter’s business dealings, which has reportedly expanded to include approximately $16 billion in undisclosed loans.
The investigation by the U.S. Attorney’s Office and securities regulators is centered on whether two Delaware life insurers owned by Walter, Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., properly disclosed billions of dollars in private credit investments tied to other parts of Walter’s business empire. These “related-party transactions,” which are deals between entities with business or personal ties, require scrutiny due to potential conflicts of interest. Regulators reportedly are investigating whether these loans were adequately disclosed.
The probe reportedly began last year following an internal whistleblower complaint regarding how Walter’s asset-management firm, Guggenheim Investments, booked revenue associated with insurers. In September, federal agents reportedly seized Walter’s phone and laptop aboard a private plane at a Chicago airport. Grand jury subpoenas were issued to Delaware Life Insurance Co. and Clear Spring Life and Annuity Co. in February, according to regulatory filings from June 26.
Walter’s holding company, TWG Global, which links his sports teams with his insurance and asset-management businesses, has stated it is aware of and cooperating with the investigation. No charges have been filed against Walter or any of his companies, and investigations of this nature can conclude without enforcement action.