Greg Lindberg, a 54-year-old from Tampa, Florida, pleaded guilty today to conspiracy and money laundering in a scheme that defrauded insurance regulators and policyholders across multiple countries, according to the U.S. Attorney’s Office for the Western District of North Carolina.
From 2016 to 2019, Lindberg conspired with associates to mislead regulators, including the North Carolina Department of Insurance, and evade protections for policyholders, the Justice Department revealed. The scheme funneled over $2 billion in insurance funds through loans and securities tied to Lindberg-controlled companies, concealing financial instability and misuse of funds.
Court documents show Lindberg personally “forgave” over $125 million in loans to his own insurance companies, while orchestrating circular transactions to disguise the movement of funds. Authorities state that Lindberg’s fraudulent actions drove significant financial losses, leaving many of his insurance companies on the brink of liquidation or in rehabilitation.
“Greg Lindberg and his co-conspirators misused $2 billion of company funds in their international scheme to defraud corporate victims, regulators, and policyholders,” said Principal Deputy Assistant Attorney General Nicole Argentieri. “Thousands of policyholders suffered substantial financial hardship as a result.”
Lindberg’s scheme, which spanned North Carolina, Bermuda, Malta, and beyond, underscores the far-reaching consequences of corporate fraud in the insurance sector.