A charity founded by Los Angeles Dodgers owner Mark Walter to help urban kids attend college is now primarily funded by Amistad Financial, a Chicago firm linked to the federal probe into Walter's insurance empire. Academy Group, launched in 2017 with Earvin "Magic" Johnson and Don Thompson, told staff in late July that Amistad would be its main funder. Amistad is one of four entities examined in the probe into Walter's insurers failing to report $20 billion in loans tied to him.
Following the change, Academy Group cut temporary staff and reduced programs. CEO Greg Jones resigned rather than implement further budget cuts, according to a recording of a staff call reviewed by the Wall Street Journal. Walter and his businesses have not been accused of crimes and deny fraud allegations. His lawyer says the funding shift was always the plan since the charity's launch.
The Walter family press release reaffirmed their commitment: "For more than two decades, Mark and Kimbra Walter have committed hundreds of millions of dollars to organizations... That commitment is not slowing down." Academy Group aims to get thousands of children into college with tutoring and internships, boasting a 90% graduation rate. Originally funded by Walter's investments in Cleveland Avenue and CFI Partners, the Walters were the leading source of support in the 2025 fiscal report.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing