Friendships can open extraordinary doors, but they can also invite uncomfortable scrutiny. For Los Angeles Lakers legend Magic Johnson, his old relationship with Mark Walter now appears to be doing exactly that… Investigative journalist Pablo Torre has uncovered startling evidence that could place Johnson under an unexpected microscope at a controversial time in the NBA.
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Just hours ago, Torre teased a new investigation. He posted a photo of Dodgers owner Mark Walter with President Donald Trump at a White House ceremony. It was when Walter presented Trump with a Dodgers jersey featuring No. 47. That’s it. No more clues, only speculation.
But as Friday arrived, Torre shared the latest story on his YouTube channel. Sam Koppelman of Hunterbrook Media joined him, and they dove deep into Walter’s history with Guggenheim Partners to understand its affinity for Magic Johnson.
“EquiTrust, which is this life insurance company, was being sold by Mark Walter to Magic Johnson, his fellow Dodgers co-owner, and it was also loaning $350 million to Mark Walter’s media company,” Torre said.
The investigative journalist added, “The media company he had started to pay his and Magic’s Dodgers an average of $334 million a year through this record-setting local TV deal that Mark Walter gave to Mark Walter, and in the process, Magic Johnson transformed into a billionaire.”
Confused? Not to worry. Walter sold EquiTrust Life Insurance Company to Johnson in 2015. This company also loaned $350 million to Walter’s American Media Productions (AMP). AMP was behind SportsNet LA, which had rights to air Dodgers games, bringing in $334 million per year.
Meanwhile, Johnson reached billionaire status in the NBA world by 2023. While there’s no problem with that, Sam Koppelman and Torre focused on whether the EquiTrust deal received proper legal and compliance checks. Koppelman asked one of Guggenheim Partners’ attorneys anonymously if the sale and loan were fairly vetted. But this person said they weren’t asked to do any KYC reviews.
Their job was to “clear any kind of contact or transaction,” despite stating that there “probably should have been” a KYC of Johnson done as part of the process. This source then speculated it probably was a thank-you gesture.
“I think that Magic Johnson helped them out with the Dodgers deal, that’s what ultimately I thought,” they said. “They’re trying to help out a friend, give him a level of wealth that maybe he didn’t have before. EquiTrust put him on the map of being a billionaire. It was a massive increase for him.”
Torre and Koppelman were left dumbfounded by how this pair of business deals even went through. It matters so many years later because federal prosecutors are investigating Walter for about $16 billion in potential financial improprieties and tax fraud.
Plus, last year, EquiTrust was sold to Amistad, another Walter company… Amistad’s managing founder is Eric Holoman, who used to run Magic Johnson Enterprises and has been the NBA legend’s longtime business partner. Although this sounds like a maze, no wrongdoing has been established or proven yet.
Johnson and Walter have built a notable relationship across sports and business. Their partnership began with the Dodgers in 2012, when Johnson joined Walter’s ownership group. They later worked together on the Los Angeles Sparks. Johnson had also urged Walter to help keep the WNBA team in Los Angeles.
Moreover, their connection reached the Los Angeles Lakers as well. Walter’s planned purchase of a controlling stake drew strong public support from Johnson.
“A few things I can tell you about Mark – he is driven by winning, excellence, and doing everything the right way,” Johnson posted on X right when Walter was purchasing the Lakers in 2025. “AND he will put in the resources needed to win! I can understand why Jeanie sold the team to Mark Walter because they are just alike – they are competitive people, l have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world. I am so so SO happy and excited for @Lakers fans all over the world!!”
Only a year later, however, Walter sold the Lakers for a roughly $2.5 billion profit, reportedly to quickly liquidate and pay off loans amid the ongoing federal investigation.
Despite that, the two have remained closely aligned through their shared sports interests and philanthropic efforts. But this long-time friendship might turn into trouble for Johnson amidst alleged wrongdoing claims.
How Mark Walter helped Magic Johnson leap to billionaire status
Forbes placed Magic Johnson among the world’s billionaires in October 2023. His Lakers career brought in roughly $40 million. Endorsements added only $2 million to $4 million annually at his peak. Most of his wealth came through business partnerships across theaters, Starbucks, real estate, and healthcare.
Meanwhile, a major part of his fortune is linked to EquiTrust. Johnson reportedly still owns about 60% of the life insurance company. Since he took control in 2015, its assets under management have climbed from $16 billion to $33 billion. That growth has played a major role in building his billion-dollar fortune.
However, federal scrutiny of Mark Walter’s business network has raised questions around EquiTrust, the insurer Magic Johnson acquired from Guggenheim. Records reviewed by Hunterbrook show loans and investments involving Johnson’s infrastructure funds and Dodgers stake. Meanwhile, EquiTrust appears to have classified these dealings as independent.
So, Johnson is in a precarious spot with Pablo Torre once again entering the investigation market. He has already unleashed trouble for the LA Clippers and Kawhi Leonard. And now, if his claims are true, then Mark Walter, Guggenheim, and Johnson could face severe consequences soon.