Mark Walter’s TWG Global came out firing Wednesday, saying it has committed no fraud, rejecting the idea that Walter’s Lakers exit was part of a “fire sale” to raise money amid federal investigations, and insisting the Dodgers are not for sale.
The press release marks the most substantial public statement since news broke that Walter’s companies are under parallel investigations by the U.S. Securities and Exchange Commission and federal prosecutors in the Southern District of New York.
“Over the past several weeks, multipronged attacks against TWG have been advanced by unnamed sources with self-serving interests that have been reported in the media,” the statement says. “It is important to set the record straight. TWG stands firmly behind the integrity of its business and remains focused on continuing to deliver value to its stakeholders.”
Investigators are looking into at least two of Walter’s companies: Delaware Life and Clear Spring Life & Annuity. The probes center on inaccurate disclosures by the life insurers tied to what are known as “affiliated investments”; the amount originally disclosed was billions of dollars lower than what the company has since reported in restated disclosures.
