Federal prosecutors have homed in on four businesses controlled by Mark Walter, the owner of the Los Angeles Dodgers, over accounting issues and potential fraud, including a Chicago-based commercial real estate brokerage. 

Bradford Allen, a brokerage with longtime ties to investment firm Guggenheim Partners, where Walter is CEO, is part of a federal inquiry. The investigation is looking at how four entities acted as intermediaries between insurance firms controlled by Walter that lent money to businesses also controlled by Walter, The Wall Street Journal reported.

The other entities facing scrutiny are ABS Capital, a Miami-based firm founded by two former Guggenheim executives; Amistad Financial, which owns an insurer once controlled by Walter; and Hudson Trading, a quantitative capital firm based in Chicago. 

Prosecutors and the Securities and Exchange Commission are looking into whether Walter or his companies committed fraud by concealing financial connections while borrowing billions from the insurers he controlled, the WSJ reported, citing anonymous sources. There have been no allegations of wrongdoing at this point. 

TWG Global, Walter’s holding company, didn’t respond to a request for comment Monday morning. 

“We have always acted in good faith, and insinuations that we have in any way attempted to circumvent our obligations is simply false,” a spokesman for TWG told the WSJ. “We are proud of the business that we have built and the value we have created for our clients, investors and shareholders.”

Insurers can lend to affiliated entities, including their owners, so long as the connections are properly disclosed. After prosecutors began investigating, an internal review by TWG found roughly $20B worth of affiliated loans that hadn’t been properly disclosed, according to the WSJ.

Walter is now reportedly looking to raise money, including by restructuring and selling off assets. Earlier this month, he agreed to a surprise $12.5B cash deal to sell the Los Angeles Lakers to Joshua Kushner and Bob Iger.

Walter, 66, founded Guggenheim in 1999 and built a fortune in part by purchasing insurance companies during the Global Financial Crisis and giving them access to credit. 

The insurers controlled by Walter disclosed in June regulatory filings that they were under investigation and have said they plan to dispose of or restructure most of the related investments by the end of the year.

Bradford Allen’s Ben Azulay represented Guggenheim in its 2025 deal to renew and expand its lease at 330 Madison Ave. in New York City to 360K SF. 

The brokerage is also serving as master developer for the planned 400K SF headquarters for Cadillac Formula One, which Walter co-chairs with fellow billionaire Thomas Tull. The project outside Indianapolis is under construction.

Bradford Allen also acquired a 130-key SpringHill Suites at 9698 Hague Road near the new Cadillac F1 headquarters last April.