TWG Global, the holding company controlled by Mark Walter, publicly denied fraud allegations on August 26 and said it is cooperating with the U.S. Department of Justice and the Securities and Exchange Commission over related-party dealings at its insurance businesses. Federal scrutiny, which followed a whistleblower complaint, centers on Delaware Life Insurance Company and Clear Spring Life and Annuity Company, both controlled through Group 1001, after grand jury subpoenas in February 2026 and the reclassification of about $20 billion in investments as related-party assets. TWG argues such affiliated transactions are standard in insurance and that no policyholders were harmed; neither Walter nor any TWG entity has been charged and no SEC enforcement action has been filed. Delaware Life restated 2025 financials to show affiliated investments near 42% of invested assets, versus about 3% previously, and TWG has agreements to exchange up to $6.5 billion of related-party holdings for independently classified assets, subject to regulatory approval. S&P Global Ratings in July 2026 revised Delaware Life’s outlook to negative while affirming its A- rating. TWG said the Los Angeles Dodgers and other sports holdings, including the Cadillac Formula 1 stake, are not for sale, after agreeing to sell the Lakers in a $12.5 billion deal, and appointed former Goldman Sachs lawyer David Markowitz as chief legal officer.