Federal investigators reportedly seized billionaire Mark Walter’s phone and laptop last year as part of a probe into businesses within his financial empire, months before his agreement to sell the Los Angeles Lakers for $12.5 billion.

According to the Financial Times, FBI agents seized Walter’s devices in September. Guggenheim Investments President Dina DiLorenzo reportedly had her phone taken the same day.

The seizures suggest investigators were examining more than Walter-controlled insurance companies, with scrutiny also reaching Guggenheim Investments.

Prosecutors have reportedly focused on the company’s accounting for revenue connected to its private investments business.

Neither Walter nor DiLorenzo has been charged with wrongdoing, and the current status of the investigation remains unclear.

Guggenheim told the Financial Times that auditors “have issued unqualified opinions” regarding the 2024 and 2025 consolidated financial statements of a subsidiary that owns Guggenheim Private Investments.

The investigation comes as Walter prepares to sell the Lakers to a group led by Josh Kushner and Bob Iger.

The record $12.5 billion transaction was announced Wednesday, less than a year after Walter took majority control of the franchise.

According to the report, the Lakers themselves have little significant exposure to Walter’s insurance businesses.

However, proceeds from the sale could potentially help TWG repay some affiliate loans owed to the insurers.

Walter and Guggenheim have faced regulatory scrutiny before.

In 2015, Guggenheim Partners Investment Management paid $20 million to settle SEC charges involving disclosure and compliance issues.

A separate SEC investigation reported in 2018 ended the following year without a penalty.

FBI seized phones from billionaire, top deputy before $12.5B Lakers sale to Josh Kushner, Bob Iger: report https://t.co/CQ3t8sye8m pic.twitter.com/IxRoxXr1VX