An insurance magnate, formerly a prominent political donor in North Carolina, has pleaded guilty to charges related to a $2 billion scheme to defraud insurance regulators, policyholders, and others. Greg E. Lindberg, 54, of Tampa, Florida, entered the plea in Charlotte before U.S. Magistrate Judge David Keesler. The plea includes one count of conspiracy to commit offenses against the United States and one count of conspiracy to commit money laundering.
Lindberg, indicted on 13 counts in February 2023, faces a maximum of 10 years in prison for money laundering conspiracy and five years for the other conspiracy count. This comes after Lindberg and an associate were convicted in May of attempting to bribe North Carolina's elected insurance commissioner for favorable regulatory treatment.
The plea agreement states that Lindberg and others conspired to commit crimes associated with insurance business, wire fraud, and investment adviser fraud from at least 2016 to 2019. Lindberg controlled companies that invested over $2 billion in loans and securities with his affiliated companies, benefiting personally by 'forgiving' more than $125 million in loans to himself.
U.S. Attorney Dena J. King for the Western District of North Carolina highlighted that Lindberg's actions harmed policyholders, deceived regulators, and posed significant risks to the insurance industry. The FBI and U.S. Securities and Exchange Commission were involved in the investigation.
Lindberg, who surrendered to U.S. marshals, requested to be held in a halfway house in Tampa before sentencing. A sentencing date is pending, with a hearing scheduled for next week. Previously sentenced to over seven years in prison for bribery-related charges in 2020, Lindberg had donated over $5 million to state and federal candidates and committees since 2016.
One of Lindberg's top executives awaits sentencing after pleading guilty in late 2022 to conspiring with Lindberg and others to defraud the United States in a related case involving moving money between insurance companies and other businesses Lindberg owned.
