Billionaire Mark Walter Hires Veteran Goldman Sachs Lawyer Amid Federal Insurance Probe
LOS ANGELES — TWG Global, the sprawling holding company led by billionaire financier and Los Angeles Dodgers chairman Mark Walter, has appointed veteran Goldman Sachs attorney David Markowitz as its new chief legal officer.
The high-profile hire comes at a critical juncture for Walter’s business empire, which is currently the subject of ongoing investigations by the U.S. Attorney’s Office for the Southern District of New York and the Securities and Exchange Commission (SEC). The federal probes center on the classification of approximately $20 billion in loans made by two insurance subsidiaries—Delaware Life Insurance and Clear Spring Life and Annuity—to companies controlled by Walter.
Markowitz brings a wealth of high-stakes regulatory experience to the firm. During his 15-year tenure at Goldman Sachs, he served as the global co-head of litigation and regulatory proceedings. Notably, he was a key figure in the legal team that negotiated multibillion-dollar settlements regarding the bank’s involvement in the 1MDB corruption scandal, which drew intense scrutiny over Foreign Corrupt Practices Act violations.
“We are pleased to welcome David to TWG Global,” Walter said in a statement on Monday. “His deep legal experience and proven leadership will be invaluable as we continue to strengthen the legal framework that supports our growth.”
Scrutiny Over Insurance Investments
The investigations into Walter’s business dealings—which span financial services, AI, technology, and professional sports—revolve around how his Group 1001 insurers reported investments in his own affiliated companies. Following the issuance of grand jury subpoenas and subsequent internal reviews, Delaware Life was forced to reclassify its audited 2025 financials, revealing that affiliated investments comprised roughly 42% of its assets, a significant jump from the 3% originally reported.
While lending to affiliates is not inherently illegal, the massive discrepancy in reporting has drawn the attention of regulators. In a move to mitigate potential conflicts, TWG announced last week that it would exchange up to $6.5 billion of these affiliated investments for non-affiliated assets, effectively insulating the insurers from the performance risks of Walter’s other holdings.
A Period of Transition
The leadership shakeup follows a tumultuous month for Walter. Just two weeks ago, he shocked the sports and business worlds by agreeing to sell his controlling stake in the Los Angeles Lakers—an asset he had acquired only last September—to Joshua Kushner and Bob Iger. The blockbuster deal, which valued the iconic NBA franchise at $12.5 billion, reignited public and regulatory interest in the broader Mark Walter probe currently being conducted by federal authorities.
Markowitz, whose background also includes an eight-year stint in the SEC’s enforcement division and a senior role in the New York Attorney General’s office, expressed enthusiasm for his new role.
“I have long admired TWG Global’s unique position across some of the world’s most cutting-edge industries,” Markowitz said. “I look forward to working with the incredible leadership team and helping grow the company’s existing legal structure.”
Mark Walter has not been charged with any wrongdoing in connection with the ongoing insurance investigation.
