Insurance magnate pleads guilty to $2 billion fraud and money laundering scheme

FILE PHOTO: U.S. Justice Department seal is seen at Justice Department headquarters in Washington

(Reuters) - The U.S. Justice Department said on Tuesday that insurance magnate Greg Lindberg had pleaded guilty to a $2 billion fraud and money laundering scheme operated through a network of companies based in North Carolina, Bermuda, Malta, and elsewhere.

Lindberg, 54, pleaded guilty to one count of conspiracy to commit offenses against the U.S. and one count of money laundering in connection with a scheme to defraud insurance regulators and policyholders lasting from 2016 through 2019, the Justice Department said in a statement.

(Reporting by Ismail Shakil in Ottawa)