The president of Guggenheim Investments, Dina Di Lorenzo, had her phone seized by the FBI last year as part of an investigation into entities controlled by billionaire Mark Walter, including the $260bn asset management giant. Her phone was taken in September, the same day Walter’s phone and laptop were seized. The probe focuses on whether Guggenheim Investments appropriately recorded revenue.

Insurers controlled by Walter disclosed in June that they received subpoenas from the US attorney’s office in Manhattan and the SEC. The scrutiny of Di Lorenzo suggests authorities have also examined Walter’s other companies, including Guggenheim Partners. It is unclear what stage the investigations are at.

Walter, the owner of the Los Angeles Dodgers, also announced the sale of the Los Angeles Lakers to Josh Kushner and former Disney chief Bob Iger in a record-breaking $12.5bn deal. The sale could help TWG, Walter’s holding company, pay down some insurers’ affiliate loans. Rob Camacho, a Blackstone veteran, is leading efforts to sell TWG assets to raise cash for the insurers.