Sunday, February 5th, 2023

Convicted insurance coverage magnate Lindberg ordered to relinquish management of corporations

Learn extra: Insurance coverage boss charged with making an attempt to bribe insurance coverage commissioner

The 4 corporations 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 grew to become NC insurance coverage commissioner in 2017, had deemed the plan too dangerous.

Lindberg, together with insurance coverage executives John Grey and John Palermo, labored with former North Carolina Republican Occasion chairman and congressman Robin Hayes to aim to bribe Causey to take away a deputy insurance coverage commissioner investigating the investments. However Causey was aiding federal investigators by sporting hidden recording units which picked up conversations used as proof within the trial.

Learn extra: Billionaire insurance coverage exec will get seven-year sentence

Lindberg denied the fees however was sentenced to serve over seven years in jail in 2020.

Shirley stated that even after the state took management of Lindberg’s insurance coverage firms, Lindberg continued to withdraw extra from the corporations.

“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 could possibly be bought to pay again insurers over $460 million.

“If Mr. Lindberg and his firms had honored the guarantees that they made to those insurance coverage firms and their policyholders again in 2019, we is perhaps effectively on our solution to having this matter resolved,” stated NC insurance coverage commissioner Mike Causey, as reported by The Related Press.


Supply hyperlink

Leave a Reply

Your email address will not be published. Required fields are marked *