Federal prosecutors and the U.S. Securities and Exchange Commission (SEC) have launched investigations into billionaire Mark Walter and companies within his financial empire, focusing on whether insurance companies he controls concealed certain financial relationships in the movement of over $20 billion. Walter, CEO of Guggenheim Partners and a major shareholder of the Los Angeles Lakers, indirectly controls CVAN Holdings LLC, which as of March 10 held approximately 8% of Carvana's Class B common stock. This investigation has raised concerns among investors about the future of his Carvana holdings, and Walter has agreed to sell the Lakers for $12.5 billion.