Dodgers, Lakers owner's financial empire reportedly a target of federal loan fraud investigation
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Set us as preferred The business empire of Dodgers and Lakers owner Mark Walter reportedly is being probed by the U.S.Attorney’s Office and securities regulators over $16 billion in possibly fraudulent loans.The loans by two Delaware life insurers that Walter owns were made to companies tied to him or his TWG Global holding company but were not disclosed as “related party” transactions as required, the Wall Street Journal reported Sunday.
Related party transactions made by insurers are required to be reported to limit conflicts of interest and protect policyholders, who have an interest in the financial strength of their insurers.Walter, 66, chief executive of Chicago investment firm Guggenheim Partners, led a group that included Todd Boehly — another Guggenheim executive — and Magic Johnson in acquiring the Dodgers for $2.15 billion in 2012, a record for a pro sports team at the time.Last year, Walter and TWG acquired a controlling stake in the Lakers at a $10 billion valuation, a new record.
Walter also owns the Chelsea soccer team in the English Premier League.Dodgers Most of the Dodgers’ roster reported to the White House on Thursday, meeting with President Trump to celebrate their 2025 championship despite fan backlash.Last week, the financial and sports mogul celebrated the Dodgers’ World Series victory at the White House.
It was the second time in two years, following back-to-back World Series wins.The majority of the money used to buy the Dodgers — more than $1 billion — came from insurance companies managed by Guggenheim Partners and controlled by Walter, the Times has reported.A number of state insurance regulators investigated the purchase in 2014 and found no irregularities, the Wall Street Journal reported in 2020.Guggenheim Partners got into the insurance business after America’s 2008...