Greg Lindberg ordered to pay $1.6 billion to insurers he defrauded
April 14, 2026 by John Hilton
Wink’s Moore on the Market: John Hilton with InsuranceNewsNet has done the legwork for us on the most recent updates to the Global Bankers Group (Colorado Bankers Life & Bankers Life Insurance Company) saga.
“A court-appointed special master is recommending that victims of a massive insurance fraud scheme tied to Greg Lindberg [the owner of these companies] receive about $1.6 billion in restitution.”
That’s $1.6 billion.
The problem?
“Policyholder liabilities total about $2.8 billion.”
Here’s what gets me-
“The memo also highlights an ongoing dispute over payment priority. Entities tied to Bermuda-based insurers argue they should be paid after all other victims are fully compensated, while guaranty associations representing policyholders contend they should share equal priority.”
Are you freaking kidding me? We don’t have a process for this already?!?
Even better?
“…the total may fall short of covering all losses.”
Sickening. -sjm
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A court-appointed special master is recommending that victims of a massive insurance fraud scheme tied to Greg Lindberg receive about $1.6 billion in restitution, according to a detailed memorandum filed Friday.
The memo describes a years-long conspiracy in which Lindberg and affiliated entities allegedly diverted policyholder funds, misrepresented financial conditions to regulators, and used insurance company assets for personal gain.
