Mark Walter's insurer Delaware Life sees two banks pause sale of its products amid probes
Walter's holding company earlier in the week said "there has been no fraud" at Delaware Life and its affiliated company, Clear Spring Life and Annuity.
TL;DR
- Truist Financial Corp. and Fifth Third Bancorp have paused selling products from Mark Walter's Delaware Life insurance company.
- The pause is due to federal probes by the U.S. Attorney’s Office in Manhattan and the SEC.
- The investigations concern how Delaware Life's parent company reported about $20 billion in affiliated assets.
- Delaware Life maintains there has been no fraud and is working to reduce affiliated-party assets.
- Grand jury subpoenas were received by both Delaware Life and Clear Spring in February in connection with the probes.