Greg Lindberg Fraud Victims Set to Receive Payments After Judge’s Order

A North Carolina court has taken a major step toward compensating victims of Greg Lindberg’s multibillion-dollar insurance fraud. Magistrate Judge David C. Keesler has signed an order allowing the release of policyholder information so that a special master can begin distributing approximately $300 million in recovered funds.

The order directs the National Organization of Life and Health Insurance Guaranty Associations and four North Carolina insurance companies—once under Lindberg’s ownership—to provide names, contact details, Social Security numbers, and other necessary data. This information will assist Special Master Joseph W. Grier III in locating and reimbursing affected policyholders.

Lindberg, a former billionaire and private equity executive, pleaded guilty in November to orchestrating a $2 billion fraud scheme involving money laundering, wire fraud, and insurance-related crimes. He faces up to 10 years in prison, though sentencing has been postponed while he assists in recovering funds for victims.

Clanwilliam Connection

The funds being distributed largely come from the sale of the Clanwilliam companies, entities linked to Lindberg’s former private equity firm, Eli Global. Eli Global invested in Helix Health in 2014, later creating the Clanwilliam Group, a developer of healthcare software for hospitals, clinics, and national health organizations.

Ownership of the Clanwilliam Group shifted in 2020, when the Clanwilliam Group Trust was formed in the UK. In March 2025, private equity firm TA Associates Management acquired the company in a $450 million leveraged buyout, according to Pitchbook Data.

Back in 2019, Lindberg’s insurance entities—including Southland National Insurance Corp., Colorado Bankers Life Insurance Co., Bankers Life Insurance Co., and Southland National Reinsurance Corp.—were placed under rehabilitation by court order. Since then, thousands of policyholders, particularly from Bankers Life, have faced long waits to access their funds.

While the consent order does not specify an exact timeline for payments, it mandates that policyholder data be returned within 90 days of the special master’s appointment completion—marking a long-awaited step toward restitution for victims of Lindberg’s fraudulent empire.