A businessman and major political donor has been indicted for masterminding a ‘massive’ $2 billion scheme to defraud regulators and thousands of policyholders.
Greg Lindbergh, 53, of Durham, North Carolina, allegedly colluded with others to invest nearly $2 billion in insurance companies between 2016 and 2019.
“The indictment describes complex financial investments and transactions designed to evade regulators, disguise the financial health of Lindbergh’s insurance companies, and conceal Lindbergh’s personal interests for the purposes of the scheme. It reveals a carefully organized scheme that relies on the web,” said U.S. Attorney Dena. king.
“My office works with our law enforcement partners to investigate and prosecute financial misconduct and hold perpetrators accountable for their actions.”
Prosecutors accused Lindbergh of circumventing regulatory requirements designed to protect policyholders, hiding the company’s true financial health, and using company funds for personal gain. . He is said to have purchased and refinanced properties with those funds, and has forgiven over $125 million in personal loans from several businesses.
In December 2022, one of Lindbergh’s executives, Christopher Harwig, pleaded guilty to conspiring with Lindbergh and others to commit wire fraud, investment advisory fraud, money laundering, and making false statements in the insurance business. I was.
Lindbergh is charged with one count of conspiracy to commit crimes related to insurance business, wire fraud, and investment advisor fraud. He also faced one count of wire fraud, four counts of false insurance business statements presented to regulators, six counts of misrepresenting the financial condition or solvency of an insurance business, and one count of money laundering conspiracy. I’m here.
Each major count carries a maximum penalty of 20 years in prison.
A North Carolina businessman who was once the state’s largest political donor is reportedly facing a retrial in a case in which he was charged with attempting to bribe the commissioner of the North Carolina Department of Health.
His spokeswoman Susan Estrich told reporters last Friday that the government’s latest indictment was a tactic designed to help secure victory in its retrial. rice field.
“The latest indictment alleges that the government spent more than five years on more than seven million documents related to literally thousands of complex financial transactions involving more than 900 companies, and insurance policies in North Carolina and other states. It’s because we’ve hand-picked suspected technical violations that haven’t caused harm to anyone, and that’s important,” she said.
