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The Securities and Exchange Commission (SEC) is seeking interviews with current and former Guggenheim Investments employees as regulators deepen inquiries into CEO Mark Walter's business.

The SEC is specifically looking at people who have managed insurance-company asset portfolios, sources familiar with the matter told Bloomberg. Some individuals contacted by the agency are hiring lawyers to help them respond to confidential inquiries.

The request for interviews suggests that regulators are continuing to scrutinize the billionaire's business empire despite public assurances from Guggenheim officials and TWG Holdings, Walter's holding company, that they are cooperating and working with the government on its inquiries.

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While the specific questions being asked by the SEC are unclear, U.S. prosecutors are known to have asked for information related to two areas.

First, the company's accounting practices have come under scrutiny. Guggenheim was the focus of a whistleblower report last year, that honed in on concerns regarding how revenue fees were disclosed at Guggenheim Private Investments, a division that manages private funds for institutional investors, Bloomberg reported.

Prosecutors later broadened their examination to include separate transactions involving Walter's insurance businesses. Earlier this year, two insurers disclosed that more than $20 billion in loans that should have been classified as affiliated transactions were not properly labeled as such. The Manhattan District Attorney's office delivered subpoenas to both Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., the companies revealed in June.

A spokesperson for Guggenheim Investments told Bloomberg that the firm is cooperating with the investigation. TWG also stated that they are working with regulators to resolve any issues or concerns being raised.

Meanwhile, Walter has been selling off his stakes in sports franchises to free up cash amid the SEC probe.

Last month, Walter agreed to sell his stake in the Los Angeles Lakers to Thrive Capital's Josh Kushner and Bob Iger in a deal valued at $12.5 billion. Walter took control of the team last year after acquiring the Buss family's stake at a valuation of about $10 billion.

Walter called the Lakers investment a personal highlight and said, "Owning the Los Angeles Lakers has been one of the great honors of my life β€” an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family." Walter said he believes "the best is still ahead" for the franchise under new ownership.

Earlier this week, Clearlake Capital, the owner of Chelsea Football Club, agreed to buy out Walter and his longtime business partner Todd Boehly in a $950 million deal, with the transaction expected to generate a premium over his original investment.

TWG has noted that it does not intend to sell its sports assets at "fire sale prices." Walter added that he did not initiate the Chelsea deal and plans to pursue other sports acquisitions in the future.

The SEC's director of the Division of Enforcement David Woodcock said earlier this year that the SEC would remain active in the investment adviser space, and would focus on issues such as inadequate safeguards, misleading disclosures, hidden fees, valuation problems and improper trading and undisclosed conflicts of interest.

Photo: Shutterstock

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This article SEC Wants to Interview Guggenheim Staff as Probe of Mark Walter's Empire Widens originally appeared on Benzinga.com

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