According to his indictment, Lindberg allegedly deceived the North Carolina Department of Insurance and other regulators and evaded regulatory requirements designed to protect insurance policyholders.
The insurance magnate was accused of using insurance company funds for his personal benefit by purchasing real estate and “forgiving” more than $125 million in loans from his affiliated companies to himself.
It stated that Lindberg and his co-conspirators engaged in “circular transactions” among his affiliated companies to invest more than $2 billion in loans and other securities and then laundered the scheme’s proceeds.