TAMPA, Fla. — Greg Lindberg, a Florida businessman, pleaded guilty today to conspiracy charges related to a massive insurance fraud scheme that defrauded insurance regulators, policyholders, and investors across multiple countries. The charges, which include conspiracy to commit offenses against the United States and conspiracy to commit money laundering, stem from a complex web of fraudulent activities carried out from 2016 to 2019.
Lindberg, 54, of Tampa, conspired with others to deceive the North Carolina Department of Insurance and other regulators while using a network of companies based in North Carolina, Bermuda, Malta, and elsewhere. The scheme involved concealing the true financial condition of Lindberg’s companies, evading regulatory oversight, and using insurance company funds for personal gain.
According to court documents, Lindberg and his co-conspirators misused over $2 billion in company funds, orchestrating circular financial transactions among Lindberg’s companies to launder the proceeds. One of the most significant actions was Lindberg “forgiving” more than $125 million in loans to himself from the insurance companies he controlled.
The fraudulent scheme caused severe financial harm to Lindberg’s insurance companies and their policyholders, some of whom are now facing the collapse of the companies involved. As a result, several of Lindberg’s insurance firms have been placed into rehabilitation or liquidation.
“Greg Lindberg and his co-conspirators misused $2 billion of company funds in their international scheme to defraud corporate victims, regulators, and policyholders,” said Nicole Argentieri, Principal Deputy Assistant Attorney General. “Thousands of policyholders suffered substantial financial hardship, and multiple companies are on the brink of liquidation.”
U.S. Attorney Dena J. King emphasized the gravity of Lindberg’s actions, noting that his manipulations harmed thousands of policyholders and posed a significant risk to the stability of the insurance industry. “Today’s guilty plea affirms our commitment to holding individuals accountable for betraying public trust for personal gain,” she said.
The case highlights the extent of Lindberg’s fraud, which spanned multiple countries and utilized a network of insurance companies, investment businesses, and other financial entities. The FBI’s Charlotte Field Office described Lindberg’s actions as an attempt to exploit the insurance system for his own enrichment at the expense of policyholders.
Lindberg pleaded guilty to one count of conspiracy to commit offenses against the United States and one count of money laundering conspiracy. He faces a maximum sentence of 15 years in prison — five years for the conspiracy to commit offenses and up to 10 years for money laundering. In a separate case, Lindberg was convicted in May 2023 of conspiracy to commit wire fraud and bribery related to an attempt to influence the North Carolina Commissioner of Insurance.
Lindberg’s sentencing date has not yet been set, and a federal district court judge will determine his sentence based on U.S. Sentencing Guidelines. Lindberg has been remanded into custody pending sentencing.
In a related case, Christopher Herwig, one of Lindberg’s top executives, pleaded guilty in December 2022 to participating in the fraud scheme and is also awaiting sentencing.
