Los Angeles Dodgers Chairman Mark Walter attends a press conference announcing the new partnership between the Los Angeles Dodgers and Uniqlo at Dodger Stadium in Los Angeles on Wednesday, March 25, 2026.
Keith Birmingham | Media News Group | Pasadena Star News | Getty Images
TWG Global hires veteran goldman sachs Lawyer David Markowitz will become chief legal officer at TWG as federal investigators investigate how two insurance companies that are part of CEO Mark Walter’s vast business empire kept secret loans to companies controlled by the billionaire.
While at Goldman, Mr. Markowitz was a key figure on the team that negotiated a multibillion-dollar settlement to resolve a corruption scandal involving Goldman and its Malaysian subsidiary related to Malaysian state-owned developer 1MDB. The scandal led to criminal and regulatory proceedings accusing the bank of violating the Foreign Corrupt Practices Act.
“I’m thrilled to welcome David to TWG Global,” Walter, who also owns the Los Angeles Dodgers, said in a statement Monday.
“His deep legal experience and proven leadership will be invaluable as we continue to strengthen the legal framework that supports our growth and enables us to execute on our long-term strategic priorities,” said Walter.
Walter has not been charged with any wrongdoing in the insurance investigation.
Bloomberg first reported Markowitz’s hiring by TWG, a holding company with interests in financial services, insurance, artificial intelligence and technology, and sports and media.
Markowitz’s hiring comes about two weeks after Walter shocked the sports world by agreeing to sell control of the Los Angeles Lakers, which he acquired last September, to Joshua Kushner and Bob Iger in a deal that valued the basketball team at $12.5 billion.
This image taken on August 17, 2026 shows the TWG Global logo in a web browser.
Dado Ruvik | Reuters
The sale renewed attention to parallel investigations into Walter’s business by the U.S. Attorney’s Office for the Southern District of New York and the Securities and Exchange Commission.
The investigation focuses in part on how Walter described in regulatory filings about $20 billion in loans to two Group 1001 insurance companies he ultimately controlled, Delaware Life Insurance and its affiliate Clear Spring Life & Annuity, as well as companies that were part of the Walter empire.
After receiving a grand jury subpoena and conducting an internal investigation, the insurance company reclassified billions of dollars in investments as affiliates or related party transactions. Loans to affiliates are not illegal.
However, Delaware Life stated in its audited 2025 financial reclassification that related investments amounted to approximately 42% of invested assets, up from 3% originally.
TWG last week announced an agreement to exchange up to $6.5 billion of related investments held by Delaware Life Insurance Company for unrelated assets of the same amount.
“Under the agreement, TWG Global will underwrite investments linked to the performance of its affiliates, and the insurance company will receive independent assets from the affiliates,” TWG said in a statement.
Mr. Markowitz joined Goldman in 2011 and most recently served as the bank’s global co-head of litigation and regulatory proceedings.
Prior to that, Mr. Markowitz worked for eight years in the Enforcement Division of the Securities and Exchange Commission and later held senior positions in the New York State Attorney General’s Office.
“I have long admired TWG Global’s unique position in some of the world’s most advanced industries and its ambitious vision to transform category-defining businesses and build lasting value,” Markowitz said in a statement.
“I look forward to working with the excellent management team and contributing to the growth of the company’s existing legal structure,” he said.
— CNBC’s Kasey O’Brien contributed to this article.
