Guggenheim Partners CEO and Los Angeles Dodgers owner Mark Walter is at the center of a federal investigation into whether insurers under his control concealed between $17 billion and $21 billion in related-party investments from regulators. Grand jury subpoenas issued in February 2026 by Southern District of New York prosecutors working with the SEC prompted an internal review. A longtime lieutenant of Walter played a key role in arranging the complex transactions, which involved four intermediary entities that moved insurer loans to other Walter-controlled businesses. Authorities are examining whether the structure concealed the companies’ connections and whether Walter committed fraud. Delaware Life Insurance Company’s reported affiliated exposure rose from roughly 3% to 42% of its portfolio. The inquiry also covers Clear Spring Life and Annuity Company, while S&P Global Ratings placed Delaware Life on a negative outlook and Fitch raised concerns about the reclassified exposure. Walter’s holding company, TWG Global, says it is cooperating and expects a favorable resolution. The companies plan to exchange $6.5 billion in related-party investments for unaffiliated assets and repay loans tied to the Dodgers organization. No criminal charges have been filed, and the investigation remains at the pre-charge stage.