FBI seized phones from Mark Walter, before Lakers sale to Josh Kushner, Bob Iger: report

Key Points:

• The FBI seized phones and a laptop from billionaire Mark Walter and Guggenheim Investments President Dina DiLorenzo in September as part of a federal investigation into Walter’s financial empire, prior to his $12.5 billion sale of the Los Angeles Lakers.
• The investigation extends beyond Walter’s insurance companies to Guggenheim Investments, focusing on accounting and revenue related to its private investments business, though no charges have been reported and the investigation’s stage remains unclear.
• Guggenheim Investments stated that auditors have given unqualified opinions on its subsidiary’s financial statements, while DiLorenzo, a longtime executive and key ally of Walter, oversees the firm’s investment arm.
• Walter’s insurance companies disclosed over $20 billion in related-party investments and are working to restructure or sell holdings to reduce exposure, with Blackstone veteran Rob Camacho leading these efforts alongside asset sales at TWG Group.
• The probe adds to Guggenheim’s history of regulatory issues, including a $20 million SEC settlement in 2015 for disclosure and compliance failures, and a 2018 SEC investigation into Walter’s property transactions that concluded without penalties.