Insurance Mogul Lindberg Gets 12 Years for $2 Billion Fraud (1)

North Carolina investment firm founder Greg Lindberg was sentenced Tuesday to 12 years in prison for siphoning more than $2 billion in reserves backing insurance policies and using the proceeds to pay for jets, mansions and a 214-foot yacht.

Lindberg, 56, pleaded guilty in 2024 to conspiring to defraud insurers and thousands of policy holders in one of the largest insurance frauds in US history, federal prosecutors said in a statement. He was separately convicted at trial of conspiring to bribe the elected state insurance commissioner and replace a senior regulator who oversaw his companies.

Claiming he’d be the ...