Insurance Mogul Greg Lindberg Gets 12 Years for $2 Billion Fraud

MarketsInsurance Mogul Greg Lindberg Gets 12 Years for $2 Billion FraudFacebookXLinkedInEmailLinkGiftExpandGreg LindbergSource: Send2Press/AP PhotoFacebookXLinkedInEmailLinkGiftGift this articleContact us:Provide news feedback or report an errorConfidential tip?Send a tip to our reportersSite feedback:Take our SurveyNew WindowFacebookXLinkedInEmailLinkGiftBy David VoreacosMay 26, 2026 at 6:58 PM UTCBookmarkSaveNorth 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, according to defense lawyers. Lindberg pleaded guilty in 2024 to conspiring to defraud insurers and thousands of policy holders in one of the largest insurance frauds in US history. He was separately convicted at trial of conspiring to bribe the elected state insurance commissioner and replace a senior regulator who oversaw his companies.