The FBI seized the mobile phones of billionaire Mark Walter and a top executive at Guggenheim Investments last September as federal prosecutors investigated businesses within Walter's financial empire. The seizures occurred months before Walter finalized a $12.5 billion deal to sell the Los Angeles Lakers to a group led by Josh Kushner and Bob Iger.
According to the Financial Times, citing individuals familiar with the probe, FBI agents took the phone of Guggenheim Investments President Dina DiLorenzo on the same day they seized Walter's phone and laptop. These actions indicate that federal scrutiny extended beyond Walter-controlled insurance companies, which had previously disclosed receiving subpoenas from the U.S. Attorney’s Office in Manhattan and the Securities and Exchange Commission, to include Guggenheim, the $260 billion asset-management giant that Walter leads as chief executive.
The federal investigation is reportedly examining accounting and transactions involving businesses controlled by Walter, including Guggenheim and his insurance companies. Prosecutors have focused on Guggenheim Investments' accounting practices related to revenue from its private investments business. Neither Walter nor DiLorenzo has been charged with any wrongdoing, and the stage of the investigations remains unclear.
In response to the scrutiny of Guggenheim Investments and the seizure of DiLorenzo's phone, the company informed the Financial Times that auditors have issued unqualified opinions for the 2024 and 2025 consolidated financial statements of a subsidiary that owns Guggenheim Private Investments. DiLorenzo, who has been with the company for over two decades, played a key role in establishing its private investments business and has been a close associate of Walter.
Walter, who founded Guggenheim in 1999, oversees a wide range of financial and sports holdings. He is chief executive of both Guggenheim Partners and TWG Group. In June, Walter's insurance companies, including Delaware Life and Clear Spring Life and Annuity, disclosed that they held more than $20 billion in investments in affiliated entities, a significant increase from previous classifications. These insurers are now reportedly seeking to sell or restructure some of these holdings.
The recent federal probe adds to a history of regulatory challenges at Guggenheim under Walter's leadership. In 2015, Guggenheim Partners Investment Management paid $20 million to settle SEC charges that included failure to disclose a $50 million loan from an advisory client to a senior executive, improper fees, and compliance failures. While the SEC did not identify Walter as the executive involved, a separate SEC investigation in 2018 examined transactions related to an $85 million property co-owned by Walter and other dealings involving a firm managed by former Guggenheim executives. That investigation concluded in 2019 without any penalties.
The sale of the Lakers, announced on Wednesday amid the reported probe, values the franchise at a record $12.5 billion. Walter had acquired majority control of the team in 2025, after he and Todd Boehly purchased a 27% stake in 2021. While the Lakers have minimal exposure to Walter's insurers, proceeds from the sale could potentially help TWG repay some of the affiliate loans owed to those insurers, according to the Financial Times.