North Carolina’s insurance department on Thursday took control of a group of troubled life insurers owned by indicted entrepreneur Greg Lindberg, the Wall Street Journal reported. Lindberg was arrested in April on federal criminal charges of conspiring to bribe the state’s insurance commissioner to obtain more favorable regulatory treatment. In February, the Wall Street Journal reported that Mr. Lindberg had lent at least $2 billion from his insurance companies to his other businesses. A takeover of the insurers, being operated as Global Bankers Insurance Group, followed a state judge’s approval, said Insurance Commissioner Mike Causey. The insurers were acquired in recent years by the formerly highflying Lindberg, who proceeded to replace many of their assets with investments in his own companies. Lindberg, meanwhile, became the largest political donor in North Carolina and began living a lavish lifestyle, acquiring luxury homes, a 214-foot yacht and a private jet.
