Greg Lindberg Granted Extension in Fraud Case
Former insurance executive Greg Lindberg has received a 30-day extension to file objections to his pre-sentence investigation report. This development comes as a special master continues to assess complex financial matters related to his case, according to a report from AM Best.
The unopposed extension request cited the ongoing work of the special master, who is still determining a restitution figure. The special master does not anticipate completing this process until mid-May. Lindberg’s attorneys argued that filing objections before this figure is finalized would be impractical.
Appointed in January, the special master is responsible for a number of critical tasks. They are tasked with verifying and quantifying the losses suffered by victims of Lindberg’s scheme, identifying assets that could be liquidated, and assigning value to non-liquid assets. They will also oversee the distribution of recovered funds.
Lindberg, who is currently in the custody of U.S. marshals, is cooperating with both the special master and a financial advisor as they work through his financial transactions and the fraudulent activities he orchestrated, according to court documents.
In November 2024, Lindberg pleaded guilty to a $2 billion fraud scheme that deceived regulators, insurers, and policyholders. This guilty plea was unexpected, as he had previously indicated a willingness to take the case to trial.
According to the U.S. Department of Justice, Lindberg and his associates engaged in fraudulent practices between 2016 and at least 2019. These actions misled insurance carriers, third parties, and thousands of policyholders. Prosecutors detailed a scheme involving “circular transactions.” In this scheme, $2 billion was funneled into companies controlled by Lindberg. Misleading statements were then made to regulators, rating agencies, and others to conceal the misuse of funds, AM Best reported.
This case stands apart from Lindberg’s previous conviction. He was previously convicted of attempting to bribe North Carolina Insurance Commissioner Mike Causey, who reported him to federal authorities. In that case, Lindberg was ordered to forfeit approximately $1.5 million.
According to court documents, Lindberg attempted to bribe Causey in an effort to remove an insurance department staff member overseeing investigations into his businesses. Attempts to obtain comment from Wyatt and Blake LLP, the firm representing Lindberg, were unsuccessful.
