US billionaire Mark Walter’s TWG Global has named David Markowitz as chief legal officer amid a federal investigation into Walter’s business practices.
Markowitz joins from investment banking giant Goldman Sachs, where most recently he was global co-head of litigation and regulatory proceedings. He will advise TWG’s leadership team on the firm’s strategic priorities and long-term growth.
His appointment comes as federal prosecutors probe how two insurance companies that are part of Walter’s business empire classified loans made to other companies that he owns.
TWG is Walter’s holding company that has investments in the financial services, insurance, AI, tech, sports and media industries, including stakes in the Los Angeles Dodgers baseball team, Chelsea FC and the Cadillac F1 racing team. Earlier in August, Walter agreed to sell his controlling stake in NBA team the Los Angeles Lakers to Joshua Kushner and Bog Iger in a deal worth $12.5bn.
Walter, who is chairman and CEO of TWG, said: “[Markowitz’s] deep legal experience and proven leadership will be invaluable as we continue to strengthen the legal framework that supports our growth and allows us to execute on our long-term strategic priorities.”
Markowitz arrives after more than 15 years at Goldman Sachs across a number of legal roles. He was part of the Goldman team that negotiated settlements worth billions of dollars on behalf of the bank and its Malaysian subsidiary in relation to the 1MBD corruption scandal, according to CNBC.
He was previously a special deputy attorney general for investor protection in the State of New York Office of then attorney general Andrew Cuomo and an assistant regional director at the SEC, having started his career in private practice at Stroock & Stroock & Lavan.
He said: “I have long admired TWG Global’s unique position across some of the world’s most cutting-edge industries and its vision for transforming category-defining businesses and building enduring value. I look forward to working with the leadership team and helping grow the company’s existing legal structure.”
In other recent financial services moves, earlier this month insurance and reinsurance company Vantage Group hired Lucy Fato as general counsel from Seaport Entertainment Group, replacing CLO Bobbi Anderson.
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