The Securities and Change Fee sued insurance coverage magnate Greg Lindberg, alleging that he and a lieutenant defrauded insurers out of greater than $75 million by a collection of undisclosed related-party transactions and advisory charges paid to a Malta entity.
“We allege a massive fraudulent scheme, involving unique financial structures and various complex investments,” mentioned Osman Nawaz, chief of the SEC Division of Enforcement’s Advanced Monetary Devices Unit, in a information launch Tuesday accompanying the grievance.
