An American insurance magnate pleaded guilty to a $2 billion transnational fraud and money laundering scheme, in which he and his co-conspirators misled regulators and misappropriated company funds for their own benefit.

Greg Lindberg, 54, of Florida, defrauded multiple insurance companies and thousands of policyholders by embezzling billions in company funds, while personally enriching himself by more than $125 million.

From 2016 to 2019, Linberg and others engaged in circular transactions within his network of entities, all funded by insurance companies through materially false and misleading statements.

In doing so, he misled regulators, rating agencies, insurance companies and policyholders about the nature of these transactions.

The project stretched from North Carolina to Bermuda and all the way to Malta.

“Lindberg’s complex network of investments, insurance companies and financial operations was designed to exploit the insurance system and drain millions from policyholders to enrich himself at the public’s expense,” said Lindberg. Special Agent in Charge Robert M. DeWitt of the FBI Charlotte Field Office.

Court documents also show that he took out more than $125 million in loans from insurance companies under his control, then canceled those loans to keep the money.

“Thousands of policyholders suffered significant financial hardship as a result of Lindberg’s fraudulent scheme, which left several companies in liquidation or on the verge of liquidation,” said Principal Assistant Attorney General Nicole Argentieri, head of the division Criminal Code of the Ministry of Justice.

Following Tuesday’s settlement, Lindberg pleaded guilty to wire fraud, investment advisor fraud and one count of money laundering conspiracy to boot. He faces a maximum sentence of 15 years in prison.

A retrial on May 15, 2024, also saw him convicted of additional wire fraud and bribery charges relating to improper campaign contributions. His goal was to bribe North Carolina’s elected insurance commissioner to influence regulation of his insurance companies, prosecutors said.