LeBron James had been in business with Mark Walter, whose business empire is under scrutiny from both federal prosecutors and the Securities and Exchange Commission in tax fraud investigations, long before he joined the Los Angeles Lakers.

Months before he signed with the Lakers in 2018, a limited liability company James controls borrowed $300 million from a pair of Midwestern life insurers advised by an arm of Guggenheim Partners, according to Bloomberg’s report. Walter was the CEO of Guggenheim at the time of the transaction.

The bonds are due in 2049 and were meant to give James an immediate influx of cash that was backed by a stream of…

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