Mark Walter's TWG Global hires Goldman veteran Markowitz as top lawyer amid probe of insurers
Federal authorities are investigating how two insurers that are part of Mark Walter's business empire classified more than $20 billion in loans to his companies.
TL;DR
- TWG Global appointed David Markowitz, a veteran Goldman Sachs lawyer, as its chief legal officer.
- Federal investigators are examining how two insurers controlled by TWG CEO Mark Walter classified over $20 billion in loans to Walter's companies.
- Markowitz previously played a key role in settlements related to the 1MDB scandal at Goldman Sachs.
- The insurers in question, Delaware Life and Clear Spring Life, reclassified billions in investments as affiliated transactions after receiving subpoenas.
- TWG Global recently announced an agreement to exchange up to $6.5 billion of affiliated investments held by Delaware Life for nonaffiliated assets.