Dodgers owner Mark Walter's $16B in private-credit deals draws SEC and DOJ probes

Mike Crisolago Wed, July 29, 2026 at 8:15 AM PDT 6 min read

American billionaire and sports magnate Mark Walter — owner of the Los Angeles Dodgers, Lakers and Sparks, the entire Professional Women's Hockey League, and a stakeholder in Chelsea FC — presides over one of the most enviable empires in athletics.

But now, reports say that authorities are calling a foul on alleged potential insurance fraud by other companies tied to Walter.

Delaware Life Insurance Co. and Clear Spring Life and Annuity Co. are under parallel investigations by the Securities and Exchange Commission (SEC) and the U.S. Attorney's Office in Manhattan, according to the Wall Street Journal (WSJ). The probes focus on billions of dollars in loans "extended to companies tied to Walter or his conglomerate, TWG Global." The latter also holds the controlling stakes in both insurance companies, the outlet added.

Investigation Details

The investigation revolves around the growing practice of life insurers chasing higher yields and diversification via private credit investments — which gained prominence in the fallout of the 2008 financial crisis. Investigators are reportedly looking into the billions that Delaware Life Insurance Co. and Clear Spring Life and Annuity Co. — which control about $85 billion in funds — invested in other Walter-owned companies.

In June regulatory filings, the two companies noted that "errors were identified related to the identification and presentation of certain related-party investments," according to WSJ — an understatement given they upgraded an original estimate of $1 billion in affiliated investments to a whopping $16 billion.

Adding an extra layer to the story is that the whole investigation only came about thanks to an internal whistleblower complaint.

Regulatory Scrutiny Expands as Private Credit Risks Come into Focus

Bloomberg previously reported that an internal whistleblower spurred the scrutiny on Walter's business empire.

The initial complaint focused on the global investment firm Guggenheim Partners — co-founded by Walter in 1999 — including "representations the company made to outside parties about its revenue."

The Los Angeles Times reported that "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 investigation, however, cascaded down to Delaware Life Insurance, Clear Spring Life and Annuity, and TWG Global. Grand jury subpoenas went out to both insurance companies in February, though multiple outlets noted that...