Federal prosecutors in Manhattan and the Securities and Exchange Commission are examining whether four intermediary businesses helped obscure related-party dealings between insurers tied to billionaire Mark Walter and other companies in his network. The probe, which traces to a whistleblower complaint from within Guggenheim Investments, has focused on private-credit financing arrangements that Delaware Life initially disclosed at about $1 billion and later restated to more than $16 billion, while total disclosures under scrutiny across Walter-linked insurers range from $16 billion to $21 billion. TWG Global, Delaware Life and Clear Spring Life said they are cooperating, the FBI seized Walter's phone and computer in September 2025 and subpoenas reached his insurers in February 2026. The case has intensified scrutiny of Walter's broader empire, which grew from the Los Angeles Dodgers purchase in 2012 into holdings that include the L.A. Sparks, a stake in Chelsea FC, a Formula One team, backing for the Professional Women's Hockey League and, in June 2025, the Los Angeles Lakers in a deal valued at $10 billion. S&P Global has moved Delaware Life's outlook to negative amid wider regulatory concern over how insurers channel policyholder funds into private-credit strategies through affiliated networks.