Greg Lindberg asks NC judge for no jail time in bribery, fraud cases

Disgraced financier Greg Lindberg is asking a federal judge to sharply reduce his prison time ahead of a consolidated sentencing hearing later this month, citing what his attorneys describe as extensive restitution efforts and cooperation with court-appointed officials.

In a sentencing memorandum filed Thursday in federal court, Lindberg’s attorneys requested concurrent 48-month prison sentences in both his bribery conviction and a separate $2 billion fraud case. The filing also seeks additional reductions that would effectively credit Lindberg for nearly all of his time already served in custody.

By the time of his May 26 sentencing, Lindberg noted, he will have served 561 days at the Gaston County Jail.

Lindberg previously spent 633 days in federal prison after his initial conviction in a bribery case tied to campaign contributions. That conviction was overturned by the U.S. Court of Appeals for the Fourth Circuit in 2022.

Prosecutors retried the case, and Lindberg was convicted again in May 2024. Separately, he pleaded guilty in November 2024 in a financial crimes case involving what prosecutors previously described as a $2 billion fraud scheme.

Investigators say Lindberg diverted vast sums of money from his North Carolina-based insurance companies to fund a lavish lifestyle and personal business interests.

Defense attorneys argued the federal sentencing guidelines “substantially overstate” the losses tied to the cases and said Lindberg has made “unprecedented restitution efforts” since his earlier sentencing. The filing also cited his cooperation with a special master overseeing restitution matters.

Sentencing reductions sought

The memorandum asks the court to reduce Lindberg’s sentence by nearly 40 months to account for time already spent in custody. Attorneys also requested an additional 9 1/2 -month reduction tied to earned sentence credits under the federal First Step Act that were lost after his original conviction was vacated.

The First Step Act is a bipartisan federal criminal justice reform bill aimed at reducing recidivism and lowering the federal prison population. It mandated risk assessments, expanded rehabilitation programs, enhanced "good time" credits, and adjusted sentencing laws for nonviolent offenders.

Lindberg’s lawyers further asked the court to delay any future federal prison reporting date until restitution proceedings are complete, arguing that he needs to remain available to assist attorneys and the special master handling the restitution process.

Meanwhile, Lindberg has continued an aggressive campaign for a presidential pardon. North Carolina Insurance Commissioner Mike Causey and U.S. Senators Thom Tillis and Ted Budd have publicly urged the president to deny this request.

"Lindberg’s criminal conduct was not incidental, technical or victimless," Causey wrote. "It was deliberate, sustained and directly aimed at corrupting a state regulatory system charged with protecting the public so he could enrich himself."

Lindberg still faces substantial financial obligations from recent adverse court rulings.

In January, a judge ordered Lindberg to pay $526 million to policyholders in a civil lawsuit originally filed in October 2019 by life insurers he formerly owned: Southland National Insurance Corp., Bankers Life Insurance Co., Colorado Bankers Life Insurance Co. and Southland National Reinsurance Corp.

On April 3, special master Joseph Grier recommended that Lindberg pay $1.625 billion in restitution to eight insurance companies he was convicted of defrauding. The largest share, $821 million, is owed to Colorado Bankers Life.

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InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.