Federal prosecutors have collected statements from some of billionaire Mark Walter’s most senior executives as authorities probe dealings at his insurance companies and the investment firm he runs, Guggenheim Partners LLC, according to people with knowledge of the matter.
Daniel Towriss, the head of Walter’s insurance arm, and Andrew Rosenfield, Guggenheim’s president, are among executives who provided information over the past year, the people said, asking not to be identified discussing the sensitive investigation. Neither is thought to be a target of the probe, the people said.
Combined with a recent effort by the US Securities and Exchange Commission to interview staff at Guggenheim, the prosecutors’ activities show the scale and potential stakes of the government’s scrutiny. Areas covered by the sprawling inquiries include how insurance companies that Walter controlled loaned money to his other businesses, as well as a whistleblower’s report on accounting practices at the Guggenheim Private Investments unit.
A representative for Rosenfield declined to comment. Representatives for Guggenheim Partners, Walter’s TWG Global holding company, and the insurance business where Towriss serves as chief executive officer didn’t respond to messages seeking comment.
The firms have said they’re cooperating with investigators to resolve inquiries. And TWG has noted that its insurance arm submitted plans to state regulators to address any concerns.
The Justice Department’s interest in speaking with someone doesn’t mean that they are suspected of wrongdoing. And like all investigations, authorities could ultimately decide not to bring charges.
A spokesperson for the US Attorney’s Office in Manhattan declined to comment.
Towriss has worked at Walter’s insurance operation since its formation in 2009. Now known as Group 1001, it includes annuity providers Delaware Life Insurance Co. and Clear Spring Life and Annuity Co. Towriss also runs TWG’s racing arm and heads that unit’s Cadillac Formula One team.
He visited New York last month for a voluntary interview with prosecutors, the people said. Linda Wang, the president and chief financial officer of Group 1001, also had communications with the prosecutors in recent weeks, the people said. Neither of them was questioned under oath, the people said.
Some statements, including Rosenfield’s, were gathered in grand jury testimony months ago. He’s one of Walter’s most senior and longest-tenured deputies in their mutual hometown of Chicago, where Rosenfield is a prominent figure in academic and philanthropic circles. He joined Guggenheim in 2004 and previously co-founded the consulting firm now known as Compass Lexecon.
Rosenfield initially declined to testify, so prosecutors got a court order granting him immunity, one of the people said. Such grants can have the effect of compelling reluctant witnesses to testify by removing their right to remain silent on Fifth Amendment grounds. Rosenfield was told he isn’t a target of the probe, a person familiar with the matter said.
At least a few senior executives under Dina DiLorenzo, the president of the Guggenheim Investments asset management arm, also testified before the grand jury earlier this year, the people said.
Testifying before a grand jury and being granted immunity to do so are not admissions of any wrongdoing.
The whistleblower’s 2025 complaint raised concerns about how revenue fees were disclosed at the smaller Guggenheim Private Investments unit that manages private funds for institutional investors. The firm has said it discussed the matter with auditors and believes the accounting treatment was “appropriate.”
In recent weeks, the SEC has sought its own interviews with current and former employees of Guggenheim Investments. The fact that the agency, which only brings civil cases, is taking the lead on gathering certain evidence may signal that prosecutors foresee resolving at least part of the inquiry without criminal charges.
“No charges have been filed and we do not believe any decision has been made to recommend or file charges,” a representative for Guggenheim Investments said in a statement. “We firmly believe that Guggenheim and its personnel have acted lawfully and properly.”
Walter’s TWG has been restructuring its business interests to reduce reliance on funds from the insurers. Last month, it struck a $6.5 billion deal to swap assets with Delaware Life, and Walter agreed to sell his stake in the Los Angeles Lakers basketball team for $12.5 billion.
This week, he agreed to sell a stake in Chelsea Football Club. TWG has said it’s not holding a “fire sale” of assets, and Walter has said he plans to make additional sports investments.
Written by: Zachary R Mider, Ava Benny-Morrison, and Loukia Gyftopoulou @Bloomberg
The post “Mark Walter’s Lieutenants Give Prosecutors Firsthand Accounts” first appeared on Bloomberg