Mark Walters holding company vehemently sets record straight on fraud allegations, Dodgers sale

As reports and rumors continue to swirl around Dodgers owner Mark Walter amid his shocking sale of the Lakers this month and an ongoing federal investigation into potential improprieties in his business empire, the billionaire’s holding company released a defiant statement on Wednesday defending its business practices, denying any wrongdoing and reiterating that the Dodgers are not for sale.“Over the past several weeks, multipronged attacks against TWG have been advanced by unnamed sources with self-serving interests that have been reported in the media,” began the lengthy statement from TWG Global, the Walter-founded holding company of which many of his businesses, including his Guggenheim Partners investment firm, is a subsidary.“It is important to set the record straight.TWG stands firmly behind the integrity of its business and remains focused on continuing to deliver value to its stakeholders.”The statement, which was reported by BusinessWire, also added: “Despite what has been reported, there has been no fraud.”Speculation over Walter began earlier this summer, when reports from Bloomberg and the Wall Street Journal revealed a federal investigation was being conducted by the U.S.

Attorney’s Office for the Southern District of New York and the Securities and Exchange Commission into several insurance companies within his business portfolio.The probe, which was reportedly triggered by a whistleblower complaint, focused on loans given by those companies to other Walter-owned businesses, and whether they were properly disclosed to investors as so-called “affiliated” transactions.The Delaware Life Insurance Co.and Clear Spring Life and Annuity Co.

both reportedly received grand jury subpoenas, while Walter had his cell phone and computer reportedly seized by FBI agents carrying out a search warrant aboard his private plane in Chicago.The story then exploded earlier this month when Walter stunningly sold the Lakers in a sudden $12.5 billion tra...