Mark Walter, the sole owner of the Professional Women’s Hockey League (PWHL), is currently under federal investigation concerning two of his insurance companies, according to a report from Bloomberg. The scrutiny involves potential financial misconduct linked to these firms.
Authorities, including US prosecutors and the Securities and Exchange Commission (SEC), have opened inquiries into Delaware Life Insurance Co. and Clear Spring Life & Annuity Co. Both companies received grand jury subpoenas in février as part of the probe.
Allegations of Misused Policyholder Funds
Central to the investigation are allegations that these insurance companies may have redirected policyholder funds into other business ventures connected to Walter. Initial assessments reveal that Delaware Life’s investments in Walter-affiliated companies amount to approximately 39%, or nearly $17 billion—substantially higher than the 3% figure previously reported.
Walter, known for his extensive sports ownership portfolio, played a pivotal role in launching the PWHL in 2023. He retains outright ownership of all 12 teams in the league, both current and forthcoming.
The timing of these revelations coincides intriguingly with recent developments in the PWHL’s ownership structure. On June 22nd, the league welcomed its first external investors, merely four days before the investigations became public knowledge, raising further questions about the situation’s impact on the league’s future.