The FBI and the U.S. Securities and Exchange Commission are conducting a federal investigation into Mark Walter. Prosecutors are investigating whether Guggenheim Partners LLC, Delaware Life Insurance Co. and Clear Spring Life and Annuity Co. failed to disclose that billions of dollars in private credit investments were funneled into Mark Walter's separate business holdings.

Walter serves as chief executive of Guggenheim Partners LLC. He is also a principal owner of TWG Global. The investigation aims to determine if the firms violated transparency laws by failing to classify private credit transactions as related-party dealings.

Federal agents executed a search warrant to seize a mobile phone in connection with the investigation. The FBI executed at least one search warrant in September 2025 to seize a mobile phone as part of the investigation into Mark Walter's businesses, though it remains unclear which part of the case the device relates to.

Delaware Life Insurance Co. restated its related-party investments from $1.4 billion, representing 3% of total assets, to $17 billion, representing 39% of total assets, as of December 31, 2025. This adjustment followed an internal review prompted by federal subpoenas. S&P Global Ratings lowered Delaware Life’s credit outlook from stable to negative following the revelation of $17 billion in related-party investments, though it affirmed the company’s A- financial strength rating.

Walter owns 27% of the Los Angeles Dodgers, which he helped acquire in 2012 through a $2.15 billion purchase by Guggenheim Baseball Management, using funds from Guggenheim's insurance and annuity investments. Guggenheim Partners is a privately held global financial services firm with more than $345 billion in assets under management. The U.S. Securities and Exchange Commission is conducting a parallel investigation into Guggenheim Partners as part of the federal probe into Mark Walter's business dealings.

Walter holds controlling stakes in the Los Angeles Lakers, the Los Angeles Prompts, and the Professional Women's Hockey League. TWG Global controls or holds significant stakes in the Cadillac Formula 1 Team, Spire Motorsports, Andretti Global, Wayne Taylor Racing, and Walkinshaw Andretti United. Walter visited the White House and presented President Donald Trump with a replica championship ring while the Los Angeles Dodgers celebrated their World Series title.

In 2024, Mark Walter's investment in India's sports and entertainment sector, including a stake in the Indian Super League, ended in significant financial loss. TWG Global stated it is aware of and cooperating with the investigation.

The probe centers on whether billions in private credit assets were directed to Walter’s personal holdings without proper disclosure, raising questions about transparency in related-party transactions within large financial institutions. The restatement of Delaware Life’s investments from $1.4 billion to $17 billion illustrates the scale of the assets under scrutiny and the potential impact on regulatory compliance and credit ratings.