Learn extra: Insurance boss charged with trying to bribe insurance commissioner
The 4 firms have been declared bancrupt after Lindberg redirected their funds – as a lot as 40% – in the direction of different investments. He had struck a take care of a earlier commissioner to permit the investments, however Mike Causey, who turned NC insurance commissioner in 2017, had deemed the plan too dangerous.
Lindberg, together with insurance executives John Grey and John Palermo, labored with former North Carolina Republican Get together chairman and congressman Robin Hayes to try to bribe Causey to take away a deputy insurance commissioner investigating the investments. However Causey was aiding federal investigators by carrying hidden recording gadgets which picked up conversations used as proof within the trial.
Learn extra: Billionaire insurance exec will get seven-year sentence
Lindberg denied the costs however was sentenced to serve over seven years in jail in 2020.
Shirley mentioned that even after the state took control of Lindberg’s insurance corporations, Lindberg continued to withdraw extra from the firms.
“Lindberg acted with deceit and with the intent to defraud the plaintiffs,” the decide wrote in his order.
Triangle Enterprise Journal reported that the companies might be offered to pay again insurers over $460 million.
“If Mr. Lindberg and his corporations had honored the guarantees that they made to these insurance corporations and their policyholders again in 2019, we is perhaps effectively on our means to having this matter resolved,” mentioned NC insurance commissioner Mike Causey, as reported by The Related Press.
