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A regulatory probe into insurers' disclosures at TWG Global is not, by itself, a finding of wrongdoing.
What makes it harder to set aside is the media scrutiny that has trailed Mark Walter's broader empire since the billionaire Los Angeles Dodgers owner said he would sell his majority stake in the Los Angeles Lakers.
TWG Global has stated publicly that there is no fraud. Companies operating under material fraud risk rarely open with that language while a probe is live, which gives the denial some weight.
It also raises the stakes considerably if regulators conclude otherwise. The risk is that the probe concerns disclosures specifically.
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