Insurance Mogul Pleads Guilty to $2B Fraud and Money Laundering Scheme

A Florida man pleaded guilty today to conspiracy to commit offenses against the United States and conspiracy to commit money laundering in connection with a scheme to defraud insurance regulators and policyholders through a web of companies based in North Carolina, Bermuda, Malta, and elsewhere.

According to court documents, from no later than 2016 through at least 2019, Greg Lindberg, 54, of Tampa, conspired with others to defraud various insurance companies, other third parties, and ultimately thousands of insurance policyholders. Lindberg and others conspired to deceive the North Carolina Department of Insurance and other regulators, evaded regulatory requirements meant to protect policyholders, concealed the true financial condition of his companies, and improperly used insurance company funds for his personal benefit. Lindberg and his co-conspirators caused companies he controlled to invest more than $2 billion in loans and other securities with his own affiliated companies and laundered the proceeds of the scheme. As set forth in the indictment, Lindberg directed the scheme and personally benefitted from the fraud in part by “forgiving” more than $125 million in loans to himself from the insurance companies that he controlled.

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