Greg Lindberg, 54, pleaded guilty to a $2 billion fraud and money laundering scheme, prosecutors say.
Court documents said between 2016 through 2019, Lindberg worked with others to defraud multiple insurance companies and thousands of policyholders. He also hid the real financial condition of his companies and improperly used company funds to benefit himself.
Prosecutors said Lindberg paid himself $125 million from the insurance companies that he owned. Lindberg and others used insurance company funds and often omitted information from regulators about the transactions. The false transactions led several companies to be placed in liquidation or rehabilitation.
Lindberg and his associates also attempted to bribe State Insurance Commissioner Mike Causey through a scheme that featured illegal expenditure accounts and campaign contributions. The attempted bribe was offered in hopes the commissioner would change regulations to keep his insurance companies in operation. In May, Lindberg was convicted by a federal jury in Charlotte.
The court has not set a sentencing date. Lindberg will remain in custody. He could face up to 15 years in prison for his charges.
In a statement Wednesday, Causey said the conviction should "serve as a warning to anyone who considers defrauding an insurance company or its policyholders."
