A massive federal probe into billionaire sports and entertainment mogul Mark Walter reportedly began after one of his own employees acted as a whistleblower.
Walter – the owner of the Los Angeles Lakers and Dodgers – is being investigated by US prosecutors after an informant pointed to billions of dollars of profits were allegedly funneled to his insurance companies.
Walter's conglomerate, TWG Global, is being probed over $16 billion in loans ended up in the accounts of Walter-owned insurance companies.
The SEC in the US Attorney's Office in Manhattan are trying to determine if TWG committed fraud after the loan money passed through a third entity, The Wall Street Journal reported.
TWG Global claimed: 'Nothing about these transactions was any different.'
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