Last year, the FBI took the cellphones of billionaire Mark Walter and executives from Guggenheim Investments. This came as federal prosecutors were looking into the various companies within Walter’s vast financial network, just months before he agreed to a $12.5 billion sale of the Los Angeles Lakers to Josh Kushner and Bob Iger.
On that same day in September when agents took Walter’s cellphone and laptop, they seized the phone of Guggenheim Investments President Dina DiLorenzo, according to a source familiar with the situation mentioned by the Financial Times.
This action indicates that the federal investigation has expanded from Walter’s insurance firm—which has previously acknowledged receiving subpoenas from the U.S. attorney’s office and the SEC—to encompass the $260 billion asset management giant, Guggenheim, where Walter serves as CEO.
Authorities are examining accounting practices and transactions related to companies overseen by Walter, which includes the Guggenheim Museum and his insurance business, as indicated by reports.
Prosecutors have reportedly zeroed in on the accounting of profits connected to Guggenheim Investments’ personal investment sector.
There has been no indication that Walter or DiLorenzo has been charged with any wrongdoing, and the current status of the investigation remains unclear.
The Financial Times has reached out to both Guggenheim Investments and the Department of Justice for comments on the matter.
When asked about the seizure of DiLorenzo’s phone and the ongoing investigation into Guggenheim Investments, the company responded to the Financial Times by stating that auditors had provided an “unqualified opinion” on the 2024 and 2025 consolidated financial statements for the subsidiary managing Guggenheim Private Investments.
DiLorenzo, who has been at the firm for over two decades and was instrumental in launching its private investment business, was named co-president in 2021, overseeing the investment division.
Walter founded Guggenheim in 1999 by merging his investment firm with another that managed some of the Guggenheim family’s wealth, establishing it as a major player in finance and sports.
The Financial Times noted that he serves as CEO for both Guggenheim Partners and the TWG Group, which owns Guggenheim Partners.
Recently, insurance firms like Delaware Life and Clear Spring Life & Annuity revealed that they hold over $20 billion in investments linked to affiliates that had been previously categorized as unrelated.
Currently, insurers are looking to sell or restructure these holdings to lessen their investment stakes in related entities.
According to the Financial Times, Rob Camacho, a former Blackstone executive hired by Walter’s firm two years ago, is spearheading efforts to liquidate the insurance company and generate funds through the sale of TWG assets.
Despite the investigation, Walter announced on Wednesday the sale of the Lakers to a group led by Kushner and Iger, marking a record valuation for the franchise at $12.5 billion.
Walter acquired a controlling interest in the Lakers in 2025 after purchasing a 27% stake from AEG in 2021 alongside his long-time partner Todd Boley.
The Lakers have limited direct ties to Walter’s insurance company, though the sale proceeds could assist TWG in repaying loans related to the insurance firm, as suggested by the Financial Times.
This recent scrutiny adds to a history of regulatory challenges for Guggenheim under Walter’s leadership. Back in 2015, Guggenheim Partners Investment Management agreed to pay $20 million to settle SEC charges, which included failing to disclose $50 million in loans made to unnamed senior executives and other compliance issues.
The SEC did not name Walter as the executive who benefited from the loans in that case.
Additionally, a separate SEC investigation in 2018 examined transactions involving an $85 million Malibu property co-owned by Walter amidst other dealings involving a former Guggenheim Museum executive, but this investigation concluded in 2019 without any fines, according to Forbes.
