Greg E. Lindberg announced today that he has retained Louis Freeh, former Federal Judge and FBI Director, and his firm Freeh, Sporkin & Sullivan to examine and render advice regarding financial aspects of Lindberg's business entities.
The review will cover, among other things, assertions made by the North Carolina Insurance Department, as well as those made in recent press accounts, pending litigation, and regulatory matters relating to his insurance companies that are currently in rehabilitation.
"Mr. Lindberg has asserted from the outset that the allegations about his insurance companies and him are false and is pleased that Mr. Freeh and his team to have agreed to take on this assignment," a spokesperson for Mr. Lindberg stated.
The North Carolina Insurance Department has taken over a group of companies owned by Lindberg, a wealthy political donor who is facing federal charges that he conspired to bribe the state insurance commissioner.
A June court order directed the department to take control of four life insurance companies, which Lindberg acquired in recent years and then operated as Global Bankers Insurance Group.
Lindberg, former N.C. Republican Party Chairman Robin Hayes and two of Lindberg's associates are accused of trying to bribe state insurance commissioner Mike Causey with $2 million in campaign contributions.
The four allegedly tried to get Causey to take actions favorable to one of Lindberg's companies -- including the removal of an insurance department employee responsible for regulating that firm.
The Lindberg team released the following statement:
Mr. Lindberg is the sole shareholder of Global Growth. Global Growth's main holding company has over $4 billion of book equity and $77 million in net income on a tax basis as of 12-31-18. Global Growth companies are forecasting over $300 million in EBITDA for 2020. Mr. Lindberg has "been in the arena" for over 28 years building the companies that make up Global Growth today:
- Mr. Lindberg started a small health insurance compliance and reimbursement newsletter business with $5,000 in 1991 that became the predecessor company to Global Growth.
- Mr. Lindberg has completed over 125 acquisitions across numerous technology and services sectors, generating 35 percent compound annual growth rate on equity capital and a $1.7 billion pre-tax net worth as of 12-31-17.
- Mr. Lindberg has funded ground-breaking clinical research studies related to human longevity and the treatment of advanced Parkinson's disease.
- Mr. Lindberg has made investments in Europe, the United States, the United Kingdom, Central America, Hong Kong, Australia and the Middle East.
- Mr. Lindberg has followed the advice of Teddy Roosevelt, and has been one who is "actually in the arena, whose face is marred by dust and sweat and blood."
- Mr. Lindberg has faced numerous adversities including surviving a brain tumor, fighting false and unjust charges stemming from a political opponent, fighting false and defamatory media reports, and surviving rapid and unforeseen changes in insurance regulation that forced some of his insurance companies into rehabilitation.
- Mr. Lindberg has found an even greater advantage in every adversity he has faced, one of the core elements of Global Growth's culture.
Mr. Lindberg graduated Phi Beta Kappa, magna cum laude from Yale University in 1993 with an honors degree in economics.