Florida Man Pleads Guilty in $2B International Insurance Fraud Scheme
A Florida man, Greg Lindberg, 54, pleaded guilty today to conspiracy to commit federal offenses and money laundering in an elaborate scheme targeting insurance regulators and policyholders through a network of companies across North Carolina, Bermuda, Malta, and other locations. This announcement comes from the U.S. Attorney’s Office for the Western District of North Carolina.
From 2016 through at least 2019, Lindberg conspired with associates to deceive multiple insurance companies, third parties, and thousands of policyholders, according to the department. Prosecutors say Lindberg and his co-conspirators misled the North Carolina Department of Insurance and other regulatory bodies, evading rules designed to protect policyholders and hiding his companies’ financial status while diverting insurance funds for personal use.
The scheme reportedly involved directing Lindberg-controlled companies to invest over $2 billion in loans and securities connected to his own enterprises, effectively laundering the scheme’s proceeds. The indictment notes Lindberg personally benefited from the scheme by “forgiving” more than $125 million in loans he owed to the insurance companies under his control.
The department further detailed that Lindberg and his co-conspirators allegedly orchestrated circular transactions within his network of entities using insurance funds. By making false statements and withholding critical information, they deceived regulators, ratings agencies, and policyholders about the nature of these transactions.
Lindberg’s actions led to severe financial losses for his companies and policyholders, with several insurance companies ultimately forced into rehabilitation or liquidation. “Greg Lindberg and his co-conspirators misused $2 billion in company funds in an international fraud scheme,” said Principal Deputy Assistant Attorney General Nicole Argentieri. “This fraud scheme caused substantial hardship for thousands of policyholders and destabilized multiple companies.”
