Convicted Insurance Mogul Ordered to Give Up Control of Companies

A North Carolina court has ordered convicted insurance magnate Greg Lindberg to hand over control of hundreds of his private companies to a special board of directors in an attempt to save four insurance companies that have met financial hardship has been subject to regulatory scrutiny since 2019.

The court order concluded that Mr. Lindberg engaged in fraud by not complying with a 2019 agreement under which North Carolina’s insurance division acquired control of insurance companies from Mr. Lindberg.