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Insurance executive hit with SEC lawsuit alleging ‘massive’ fraud
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fnlondon.comThe Securities and Exchange Commission sued insurance magnate Greg Lindberg, alleging that he and a lieutenant defrauded insurers out of more than $75m 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 30 August accompanying the complaint.
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