image credit: Pxhere

Convicted insurance magnate Lindberg ordered to relinquish control of firms

May 20, 2022

A judge has ruled that Greg Lindberg – an insurance entrepreneur convicted for using campaign contributions in an attempt to bribe a state insurance commissioner – must relinquish control of his four insurance companies to help pay the $1.25 billion he owes insurers.

North Carolina Superior Court Judge Graham Shirley ruled in a civil lawsuit that Lindberg committed fraud and failed to comply with a 2019 agreement to cede control of his four companies – Southland National Insurance Corporation, Bankers Life Insurance Company, Colorado Bankers Life Insurance Company and Southland National Reinsurance Corporation – to the North Carolina Department of Insurance for rehabilitation.

Read More on Insurance Business