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The president of Guggenheim Investments had her phone seized by the FBI last year as part of an investigation by federal prosecutors into entities controlled by billionaire Mark Walter, including the $260bn asset management giant.
Dina DiLorenzo, a more than 20-year veteran of Guggenheim who helped set up the firm’s private investments business, had her phone taken in September, the same day Walter’s phone and laptop were also seized, according to people familiar with the probe.
The US prosecutors’ scrutiny of Guggenheim Investments focused on whether the firm appropriately recorded revenue in a subdivision of the unit called Guggenheim Private Investments, according to people familiar with the investigation.
DiLorenzo referred questions about the matter to a spokesperson for Guggenheim, who declined to comment on her behalf.
Asked by the FT about the seizure of DiLorenzo’s phone and the scrutiny of Guggenheim Investments, a Guggenheim spokesperson said in a statement that its auditors “have issued unqualified opinions”
for 2024 and 2025 consolidated financial statements of a subsidiary that owns Guggenheim Private Investments.
Insurance companies controlled by Walter disclosed in June that they had received subpoenas in connection with investigations by the US attorney’s office in Manhattan and the Securities and Exchange Commission. The US attorney’s office declined to comment. The FBI did not respond to a request for comment.
While the scrutiny of the insurers has been publicly disclosed, the seizure of DiLorenzo’s phone suggests authorities have also examined Walter’s other companies, including Guggenheim, the securities firm and asset management giant. It was not clear what stage of the investigations authorities were at.
Before joining Guggenheim in 2005, DiLorenzo worked in a Citigroup private wealth management team, according to her LinkedIn profile. She ascended the ranks of the organisation with support from Walter, one of her key allies, according to current and former colleagues. In 2021, DiLorenzo was named co-president of the firm and ultimately came to oversee its investment arm.
Walter, the billionaire owner of the Los Angeles Dodgers, sits at the top of these businesses, serving as chief executive of both TWG Group and Guggenheim Partners, in which TWG has a stake. Walter founded Guggenheim in 1999 when he combined his small investment firm with a family office that managed part of the fortune of the Guggenheim family.
Walter’s holdings, including insurers Delaware Life and Clear Spring Life and Annuity, now sit inside TWG. The insurers disclosed in June that they held more than $20bn of investments in affiliated entities, which they had previously marked as unaffiliated. They are now seeking to divest or restructure these holdings to bring down their percentage of related-party investments.
Rob Camacho, a Blackstone veteran who is now leading the clean-up effort within the insurers, was recruited to Walter’s companies, including Guggenheim, two years ago. The FT reported on Wednesday that Camacho was leading efforts to sell TWG assets in order to raise cash for the insurers.
Walter also on Wednesday announced that he would sell the Los Angeles Lakers basketball team to Josh Kushner and former Disney chief Bob Iger in a record-breaking $12.5bn deal. Although Walter’s insurers do not have significant exposure to the Lakers, the deal could help TWG pay down some of the insurers’ affiliate loans.
With additional reporting from Sujeet Indap and Kaye Wiggins
