SEC Seeks Interviews with Guggenheim Staff as Probe into Mark Walter's Business Expands
The Securities and Exchange Commission (SEC) is seeking interviews with current and former employees of Guggenheim Investments, signaling a deepening investigation into CEO Mark Walter’s business operations. The focus appears to be on how the firm manages insurance company asset portfolios, as well as its accounting practices that were previously highlighted in a whistleblower report from last year. Regulators are also examining affiliated transactions involving Walter's insurance businesses after two insurers revealed misclassifications of over $20 billion in loans. Both Delaware Life Insurance Co. and Clear Spring Life and Annuity Co. received subpoenas earlier this year, according to reports. Guggenheim has stated it is cooperating with the investigation. Amid these regulatory pressures, Walter has been divesting his sports assets for significant sums, including a $12.5 billion sale of his stake in the Los Angeles Lakers and a $950 million deal involving Chelsea Football Club.
Topics: corporate governance financial regulation investigations