Insurance magnate Greg Lindberg's recent guilty plea is stirring waves in North Carolina, where Insurance Commissioner Mike Causey has issued a public statement in response. Yesterday, Lindberg pled guilty to federal charges, including conspiracy to commit offenses against the United States and money laundering. Commissioner Causey addressed the outcome with a stern tone on behalf of defrauded policyholders, making clear the severity of defrauding insurance companies.

According to a statement released by the North Carolina Department of Insurance, Lindberg has agreed to make full restitution to his victims, "Greg Lindberg’s guilty plea should serve as a warning to anyone who considers defrauding an insurance company or its policyholders that the consequences will be severe." This comes on the heels of Lindberg, and a co-defendant's guilty verdict in a federal bribery and fraud retrial earlier this May. They are currently awaiting sentencing.

Causey reiterated his dedication to consumer advocacy and ensuring that the restitution and forfeiture processes are thorough. "It is another step in the process of getting all policyholders repaid," he said on the North Carolina Department of Insurance website, emphasizing that his office, in tandem with federal prosecutors, will not waver in its mission to protect consumers and repay victims.

The collapse of Lindberg's empire has been long-drawn. In August, the green light was given by the N.C. Supreme Court for his insurance companies to go into liquidation, this, allowed policyholders to start claiming compensations from state guaranty associations.