A North Carolina court has ordered convicted insurance mogul
Greg Lindberg
to turn over control of hundreds of his private companies to a special board in an effort to salvage four financially troubled insurers that have been under regulatory supervision since 2019.
The court order concluded that Mr. Lindberg committed fraud in failing to abide by a 2019 agreement under which North Carolina’s insurance department seized control of the insurers from Mr. Lindberg.
Under the ruling, released Wednesday, the bulk of Mr. Lindberg’s private empire would be put under the control of a board, which would have the power to sell companies or take other steps to repay the insurers money they are owed by the Lindberg entities. The judge said Mr. Lindberg and his entities owe the insurers about $1.25 billion.
“Global Growth and Mr. Lindberg…
