Mark Walter's TWG Global hires David Markowitz as CLO while federal probes examine $20B in loans to companies Walter controls. Insurers reclassified 42% of invested assets as affiliated.
TWG Global hired David Markowitz as its chief legal officer. Markowitz spent 14 years at Goldman Sachs, most recently as global co-head of litigation and regulatory proceedings. His appointment comes as federal investigators examine how two insurers controlled by TWG CEO Mark Walter classified about $20 billion in loans to companies he also controls.
Markowitz was a key figure in the Goldman team that negotiated multibillion-dollar settlements tied to the 1MDB corruption scandal. The scandal led to criminal Foreign Corrupt Practices Act charges against the bank.
“We are pleased to welcome David to TWG Global,” Walter said Monday in a statement. “His deep legal experience and proven leadership will be invaluable as we continue to strengthen the legal framework that supports our growth.”
Walter has not been charged with wrongdoing in the insurance probe.
The U.S. Attorney’s Office for the Southern District of New York and the Securities and Exchange Commission are investigating how Delaware Life Insurance and its affiliate Clear Spring Life and Annuity labeled loans to Walter-controlled entities in regulatory filings. The two insurers are part of Group 1001, ultimately owned by Walter.
The insurers reclassified billions of dollars of investments as affiliated or related-party transactions after receiving grand jury subpoenas and conducting internal reviews. Lending to affiliates is not illegal. Delaware Life’s audited 2025 financials now show affiliated investments at about 42% of invested assets. The original filing stated 3%.
TWG last week said it had agreed to exchange up to $6.5 billion of affiliated investments held by Delaware Life for an equal amount of non-affiliated assets. Under the agreement, TWG takes on investments tied to its own affiliates. The insurers receive assets independent of any affiliate, the company said.
Markowitz’s hiring follows Walter’s recent sale of his controlling stake in the Los Angeles Lakers. Walter acquired the stake last September. He agreed to sell it to Joshua Kushner and Bob Iger in a deal valuing the team at $12.5 billion. That transaction revived attention on the parallel investigations, people familiar with the matter said.
Before joining Goldman, Markowitz spent eight years at the SEC’s enforcement division and later held senior roles in the New York Attorney General’s Office.
“I have long admired TWG Global’s unique position across some of the world’s most cutting-edge industries and its ambitious vision for transforming category-defining businesses and building enduring value,” Markowitz said in a statement. “I look forward to working with the incredible leadership team and helping grow the company’s existing legal structure.”
The probes remain ongoing. The SEC declined to comment. The U.S. Attorney’s Office in Manhattan did not respond to a request for comment.
Goldman Sachs, the bank where Markowitz spent most of his career, has not been implicated in the current investigations.
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