Lawsuits Against PWHL Owner Mark Walter Continue To Mount

While no formative result to investigations by federal prosecutors, the SEC and FBI into Mark Walter's financial and business empire has been announced, the legal issues facing the PWHL owner continue to grow.

This week, another lawsuit was filed against Walter and his insurance companies, continuing to allege that "Walter and his insurers sold annuities based on misrepresentations and false promises."

This week lawsuits have been filed by multiple retirees looking to be let out of their annuities from Clear Spring, Delaware Life, and Gainbridge.

Annuities are payments or a lump payment made to an insurance company that turn into a guaranteed income stream.

Walter's companies continue to defend and maintain their innocence in all proceedings.

It all ties to accusations that Walter and his companies underreported related party investments where Walter's companies re-invested into other Walter-related businesses. It's a similar process to the one Walter used to originally purchase the Los Angeles Dodgers in 2012 for $2.15 billion using loans and investments from his insurance companies. Those investments were scrutinized by regulatory bodies and deemed acceptable.

This time around however, the figures of investment were underreported, reportedly, by more than $15 billion.

It all came at a time when Mark Walter had purchased the NBA's Los Angeles Lakers for $10 billion, and launched the six team PWHL, rapidly growing the league to 12 teams in only three seasons.

In recent months, Walter has re-sold the Lakers at a hefty profit, and also sold his stake in Chelsea FC, a Premier League soccer team.