Mark Walter’s nonprofit, Academy Group, committed $160 million to Chicago credit firm CFI Partners to comply with Dodd-Frank regulations in return for funding. The strategy involved collateralized loan obligations, providing steady cash flow. CFI Partners later became a subsidiary of Amistad Financial Group in 2023. This year, Academy Group was told its funding would come from Amistad going forward.
Amistad is among intermediaries federal prosecutors are probing regarding Walter’s insurance companies loaning more than $20 billion to his empire without disclosure. Its Chicago address at 227 West Monroe Street is the same building as Walter’s TWG investment group. Academy Group is about two miles north.
Amistad is chaired by Don Thompson, former McDonald’s CEO. Walter hasn’t clarified his financial relationship to Amistad, which acquired insurers from Walter’s sports partners, including Equi Trust Life from Earvin “Magic” Johnson. Neither Walter nor TWG Global has been accused of wrongdoing.
The Walter family said philanthropic strategy remains unchanged, intending to contribute hundreds of millions more. Representatives for the Walter family, Academy Group, Amistad, and Thompson didn’t respond or declined further comment.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing