Walter's TWG Global Hires Goldman Veteran Amid Probe into Insurer Loan Classification

Mark Walter's TWG Global has appointed David Markowitz as its chief legal officer amid an ongoing probe into how two insurers, Delaware Life Insurance and Clear Spring Life and Annuity, classified loans to companies controlled by Walter.

Markowitz, a former Goldman Sachs lawyer, was part of the team that negotiated settlements worth billions to resolve the 1MDB scandal involving Goldman's Malaysian subsidiary. He will lead TWG Global's legal framework as it grows and executes its strategic priorities.

Walter owns the Los Angeles Dodgers and recently sold his controlling stake in the Los Angeles Lakers for $12.5 billion. The investigations focus on how the insurers labeled about $20 billion in loans to Walter's companies, with Delaware Life reclassifying billions of dollars as affiliated or related-party transactions after receiving grand jury subpoenas.

TWG Global has agreed to exchange up to $6.5 billion of affiliated investments for an equal amount of non-affiliated assets. Markowitz joins TWG from Goldman Sachs, where he was global co-head of litigation and regulatory proceedings, and brings experience from the Securities and Exchange Commission's enforcement division and the New York Attorney General's Office.