Insurance Magnate Pleads Guilty in $2 Billion Fraud Scheme

An insurance magnate who was once a big political donor in North Carolina is in federal custody after pleading guilty in connection to what prosecutors call a $2 billion scheme to defraud insurance regulators, policyholders and others through a myriad of companies from which he skimmed funds for personal benefit.

Greg E. Lindberg, 54, of Tampa, Florida, entered the plea on Tuesday in Charlotte before U.S. Magistrate Judge David Keesler to one count of conspiracy to commit offenses against the United States and one count of conspiracy to commit money laundering, according to legal documents.

Read more at AP News.