The Securities and Exchange Commission sued insurance magnate Greg Lindberg, alleging that he and a lieutenant defrauded insurers out of more than $75 million through a series of undisclosed related-party transactions and advisory fees paid to a Malta entity.
“We allege a massive fraudulent scheme, involving unique financial structures and various complex investments,” said Osman Nawaz, chief of the SEC Division of Enforcement’s Complex Financial Instruments Unit, in a news release Tuesday accompanying the lawsuit.