Former insurance executive Greg Lindberg has been granted a 30-day extension to file objections to a pre-sentence investigation report as a special master continues to assess the complex financial matters tied to his case, according to an AM Best report.
The unopposed extension request cited the ongoing work of the special master, who has yet to determine a restitution figure and does not expect to complete the process until mid-May. Lindberg’s attorneys argued that filing objections without that figure would be impractical.
Appointed in January, the special master is responsible for verifying and quantifying the losses suffered by victims, identifying assets available for liquidation, assigning value to non-liquid assets, and distributing recovered funds.
Lindberg, currently in the custody of US marshals, is cooperating with the special master and a financial adviser as they work through his financial transactions and fraudulent activities, according to court documents.
In November 2024, Lindberg pleaded guilty to orchestrating a $2 billion fraud scheme that deceived regulators, insurers, and policyholders. His admission came as a surprise, as he had previously indicated a willingness to take the case to trial.
According to the US Department of Justice, between 2016 and at least 2019, Lindberg and his associates engaged in fraudulent practices that misled insurance carriers, third parties, and thousands of policyholders.
Prosecutors said the scheme involved “circular transactions” in which $2 billion was funneled into Lindberg-controlled companies, with misleading statements made to regulators, rating agencies, and others to conceal the misuse of funds, AM Best reported.
This case is separate from Lindberg’s prior conviction for 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 sought 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 not immediately successful, according to the report.
