[Vorkunov] Lakers, Dodgers and Sparks owner Mark Walter’s insurance companies and parts of Guggenheim, in which he has a stake, are being investigated by the federal government, according to a Bloomberg report by @zachmider and @avabmorrison
Lakers, Dodgers and Sparks owner Mark Walter’s insurance companies and parts of Guggenheim, in which he has a stake, are being investigated by the federal government, according to a Bloomberg report by @zachmider and @avabmorrison
The billionaire Los Angeles Dodgers owner Mark Walter’s sprawling investment empire is facing scrutiny from US prosecutors, who have been investigating potential financial improprieties at two of his insurance companies and at Guggenheim Partners LLC, according to people with knowledge of the matter.
Last year, federal prosecutors in Manhattan began examining Guggenheim’s $362 billion money management arm, said some of the people, who spoke on condition of anonymity to discuss confidential matters. Prosecutors have more recently shown interest in Walter’s Delaware Life Insurance Co. and Clear Spring Life and Annuity Co.
The insurers received grand jury subpoenas in February, according to previously unreported regulatory filings. Prosecutors want to know whether the companies failed to disclose that certain private credit investments backed other parts of Walter’s business empire, the companies said in the June 26 filings. That investigation is being conducted in parallel with the US Securities and Exchange Commission, the companies said.
The Federal Bureau of Investigation executed at least one search warrant in September to seize a mobile phone, some of the people with knowledge of the matter said. It couldn’t be determined which part of the investigation the seizure related to.
Walter controls the insurers and has a stake in Guggenheim through his TWG Global holding company. Walter is best known for his ownership stakes in premier sports teams, including Major League Baseball’s Dodgers, the Los Angeles Lakers basketball team and the UK’s Chelsea soccer club.