Overview
- Pablo Torre reported Friday that Mark Walter sold life insurer EquiTrust to Magic Johnson and that EquiTrust made a $350 million loan in 2014 to a Walter‑controlled LLC tied to SportsNet LA, a deal that Torre says helped make Johnson a billionaire.
- Multiple news outlets say those claims build on filings and Hunterbrook Media findings that the 2014 loan and other affiliated transactions were not disclosed as related‑party deals to regulators.
- Federal and state authorities including the DOJ, SEC and state insurance regulators are investigating more than $21 billion in insurer‑linked loans connected to two Delaware insurers that Walter once controlled, though no criminal charges have been announced.
- TWG Global and Guggenheim have denied improper conduct and said reviews found no wrongdoing, while the Dodgers’ leadership says the team is not for sale and Walter remains the owner.
- The story returns to the 2012 Dodgers purchase and the 2014 SportsNet LA TV deal, which critics say changed the franchise’s economics; reporting warns that if insurer investments fail, ordinary policyholders could face financial exposure and regulators may press for tighter disclosure and remediation.