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Mark Walter’s TWG Is Working with Regulators, Says ‘No Fraud’
TWG Global said no policyholders were harmed and said it is cooperating with regulators as investigators examine insurance transactions tied to Mark Walter.
- On Wednesday, TWG Global issued a statement denying fraud allegations and confirmed the Los Angeles Dodgers are not for sale, stating "there has been no fraud" committed by the firm or its subsidiaries.
- Federal investigators are examining whether insurance companies controlled by billionaire Mark Walter improperly categorized private credit investments as unaffiliated assets. TWG Global recently agreed to swap up to $6.5 billion of related-party investments for independent assets to address regulatory concerns.
- Walter's firm rejected characterizations of the $12.5 billion Los Angeles Lakers sale as a "fire sale," citing 25% price appreciation since the initial $10 billion purchase. The company maintains it is not selling sports assets to raise capital for insurance operations.
- TWG Global stated it is "working cooperatively and in partnership with the Delaware Department of Insurance" to resolve regulatory issues while cooperating with the U.S. Department of Justice and the Securities and Exchange Commission.
- Amid market speculation, the company stated that "Mr. Walter and his partners continuously get interest from prospective buyers" for sports assets, while denying what it called "substantial speculation and misinformation" regarding its operations.
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Mark Walter’s holding company vehemently ‘sets record straight’ on fraud allegations, Dodgers sale
As reports and rumors continue to swirl around Dodgers owner Mark Walter amid his shocking sale of the Lakers this month and an ongoing federal investigation into potential improprieties in his business empire, the billionaire’s holding company released a defiant statement on Wednesday defending its business practices, denying any wrongdoing and reiterating that the Dodgers...
·New York, United States
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Coverage Details
Total News Sources10
Leaning Left4Leaning Right1Center4Last UpdatedBias Distribution45% Left, 44% Center
Bias Distribution
- 45% of the sources lean Left, 44% of the sources are Center
45% Left
L 45%
C 44%
11%
Factuality
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