Billionaire Greg Lindberg just pled guilty in a Charlotte federal court this week to an extensive insurance fraud scheme that cost victims and businesses more than $2 billion.
Lindberg, founder of Global Growth and owner of Global Bankers Insurance Group, was escorted out of the courtroom in handcuffs by U.S. marshals. According to court records, Lindberg, alongside co-conspirators, defrauded insurance companies, third parties, and thousands of policyholders between 2016 and 2019 by manipulating company funds for personal gain.
“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 in an official DOJ press release. “Thousands of policyholders suffered substantial financial hardship as a result of Lindberg’s fraud scheme, which left multiple companies in or on the brink of liquidation. The Justice Department will not hesitate to hold corporate executives accountable when they threaten critical sectors of the economy, like the insurance industry, to enrich themselves.”
After a meticulous #FBI Charlotte investigation, an insurance mogul plead guilty to $2 billion fraud and money laundering scheme. https://t.co/H1IfKcjW6L pic.twitter.com/otvLnkpetx
— FBI Charlotte (@FBICharlotte) November 13, 2024
Lindberg pleaded guilty to one count of conspiracy to commit offenses against the United States, which included wire fraud, investment adviser fraud, and other crimes connected to insurance business operations, as well as one count of money laundering conspiracy. The fraudulent activities involved deceiving state regulators, concealing the financial condition of his insurance companies, and using company funds for personal real estate purchases. Lindberg funneled more than $125 million in loans from affiliated companies to himself, leaving policyholders in financial hardship. The insurance companies involved were placed into rehabilitation or liquidation due to the massive debt Lindberg accrued.
This is not Lindberg’s first brush with the law. In 2020, he was convicted of attempting to bribe North Carolina Insurance Commissioner Mike Causey to remove a regulator investigating his companies. Though that conviction was initially overturned on appeal, he was retried and convicted again earlier this year. Following his guilty plea, Lindberg requested permission to live and work in a halfway house in Tampa, Florida, citing his need to manage billions of dollars in assets for restitution purposes. However, prosecutors opposed this, stating it could be considered preferential treatment, as Lindberg is currently under federal receivership for his assets.
