Mark Walter's insurer Delaware Life has seen two banks pause the sale of its products amid concerns over federal probes into how the insurer's parent company reported approximately $20 billion in assets affiliated with other entities controlled by the billionaire owner of the Los Angeles Dodgers.
The pause by the banks, Truist Financial Corp. and Fifth Third Bancorp, was revealed on Friday, two days after Walter's holding company, TWG Global, issued a statement asserting that "there has been no fraud" at Delaware Life and its affiliated company, Clear Spring Life and Annuity.
The U.S. Attorney's Office in Manhattan and the Securities and Exchange Commission are investigating Delaware Life and Clear Spring.
Delaware Life is continuing to meet with both banks to support existing contracts and discuss trends in the insurance sector.
