Speaking of Bribery: North Carolina Insurance Executive Reports to Prison

Greg Lindberg, an entrepreneur, began purchasing small insurance companies in 2014 and then used the insurers to make loans to himself. $2 billion in loans. He was convicted of two counts of conspiracy to bribe the North Carolina insurance commissioner. The insurance commissioner office is an elected position in North Carolina.

Testimony at the trial revealed that Mr. Lindberg, a billionaire (perhaps the loans facilitated that?), pledged to make $2 million in campaign contributions to the insurance commissioner in exchange for the termination of one of the regulator’s employees who was riding herd on Lindberg insurers (probably undercapitalization). Mr. Lindberg reported to prison on October 20, 2020 to begin a seven-year sentence.

He had sought bail so that he could remain free during his appeal. Because he has access to 18 bank accounts in foreign nations, the judge agreed with prosecutors that he was a flight risk. However, his sleep apnea and vulnerability to COVID-19 resulted in a judge granting a delay until the virus issues calmed down. Apparently, it is calm enough — three months after the delay Mr. Lindberg is in prison. Also, the CDC had concluded that there is no correlation between apnea and getting COVID-19. One last shot — Mr. Lindberg’s partner is pregnant with another child (Mr. Lindberg has four children) due December 4, 2020. The judge was not moved.

However, chin up — Mr. Lindberg does have a suit pending against the Wall Street Journal for alleged defamation in the paper’s reporting on the finances at Lindberg insurance company as well as allegations that Mr. Lindberg used surveillance on women who had applied for jobs at his company. Mr. Lindberg said that was all just part of the company’s background checks.

This is a made-for-TV movie.

About mmjdiary

Professor Marianne Jennings is an emeritus professor of legal and ethical studies from the W.P. Carey School of Business at Arizona State University, retiring in 2011 after 35 years of teaching undergraduate and graduate courses in ethics and the legal environment of business. During her tenure at ASU, she served as director of the Joan and David Lincoln Center for Applied Ethics from 1995-1999. In 2006, she was appointed faculty director for the W.P. Carey Executive MBA Program. She has done consulting work for businesses and professional groups including AICPA, Boeing, Dial Corporation, Edward Jones, Mattel, Motorola, CFA Institute, Southern California Edison, the Institute of Internal Auditors, AIMR, DuPont, AES, Blue Cross Blue Shield, Motorola, Hy-Vee Foods, IBM, Bell Helicopter, Amgen, Raytheon, and VIAD. The sixth edition of her textbook, Case Studies in Business Ethics, was published in February 2011. The ninth edition of her textbook, Business: lts Legal, Ethical and Global Environment was published in January 2011. The 23rd edition of her book, Business Law: Principles and Cases, will be published in January 2013. The tenth edition of her book, Real Estate Law, will also be published in January 2013. Her book, A Business Tale: A Story of Ethics, Choices, Success, and a Very Large Rabbit, a fable about business ethics, was chosen by Library Journal in 2004 as its business book of the year. A Business Tale was also a finalist for two other literary awards for 2004. In 2000 her book on corporate governance was published by the New York Times MBA Pocket Series. Her book on long-term success, Building a Business Through Good Times and Bad: Lessons from Fifteen Companies, Each With a Century of Dividends, was published in October 2002 and has been used by Booz, Allen, Hamilton for its work on business longevity. Her latest book, The Seven Signs of Ethical Collapse was published by St. Martin’s Press in July 2006 and has been a finalist for two book awards. Her weekly columns are syndicated around the country, and her work has appeared in the Wall Street Journal, the Chicago Tribune, the New York Times, Washington Post, and the Reader's Digest. A collection of her essays, Nobody Fixes Real Carrot Sticks Anymore, first published in 1994 is still being published. She has been a commentator on business issues on All Things Considered for National Public Radio. She has served on four boards of directors, including Arizona Public Service (1987-2000), Zealous Capital Corporation, and the Center for Children with Chronic Illness and Disability at the University of Minnesota. She was appointed to the board of advisors for the Institute of Nuclear Power Operators in 2004 and served on the board of trustees for Think Arizona, a public policy think tank. She has appeared on CNBC, CBS This Morning, the Today Show, and CBS Evening News. In 2010 she was named one of the Top 100 Thought Leaders in Business Ethics by Trust Across America. Her books have been translated into four different languages. She received the British Emerald award for authoring one of their top 50 articles in management publications, chosen from over 15,000 articles. Personal: Married since 1976 to Terry H. Jennings, Maricopa County Attorney’s Office Deputy County Attorney; five children: Sarah, Sam, and John, and the late Claire and Hannah Jennings.
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2 Responses to Speaking of Bribery: North Carolina Insurance Executive Reports to Prison

  1. John Corrigan says:

    You need to get s pot on TV. Your commentaries are priceless.

  2. mmjdiary says:

    You are kind — and have made my day — probably the week and month as well. Thank you. As the saying goes, “You can’t make this stuff up.”

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