$318M Restitution Approved for Victims of Greg Lindberg Insurance Fraud
Victims of Greg Lindberg’s large-scale financial fraud are finally seeing some restitution, following a judge’s order this week.
On Tuesday, a North Carolina judge approved the distribution of $318 million to victims of Lindberg’s fraudulent schemes. Judge Max O. Cogburn accepted a report from the special master overseeing the proceeds from the sale of the Clanwilliam Group of Companies. The law firm Grier Wright Martinez, acting as special master, resolved several lawsuits before the funds could be released.
“Given the impediments to the Clanwilliam closing and fearing the loss of an opportunity to provide meaningful value to Defendant’s victims in the near future,” the parties “worked together to try to find a solution that would allow the Clanwilliam transaction to close,”
- Cogburn’s order explained.
“Given the impediments to the Clanwilliam closing and fearing the loss of an opportunity to provide meaningful value to Defendant’s victims in the near future,” the parties “worked together to try to find a solution that would allow the Clanwilliam transaction to close,” Cogburn’s order explained.
Clanwilliam is labeled a “primary restitution asset” by the special master, with Lindberg’s involvement in the company reflecting the complex structure of his financial holdings.
According to Irish media, Lindberg’s private equity firm, Eli Global, invested in Helix Health in 2014, which led to the formation of Clanwilliam Group. Lindberg also served as a director of Triton Financial, the sole shareholder of Clanwilliam Headquarters, which controlled the Clanwilliam Group name.
In 2020, a UK-based entity called Clanwilliam Group Trust was established to take over the Clanwilliam companies. TA Associates Management then acquired the company through a $450 million leveraged buyout on March 13, 2025, per Pitchbook Data.
Pitchbook described Clanwilliam as a healthcare software developer serving pharmacists, hospitals, care homes, private clinicians, and national healthcare organizations.
In May 2024, Lindberg was convicted for a second time of attempting to bribe North Carolina Insurance Commissioner Mike Causey. That followed a November guilty plea to orchestrating a $2 billion fraud scheme. His plea to a money laundering conspiracy charge carries a potential 10-year sentence, according to the Department of Justice.
Lindberg is cooperating with the special master to help unwind his financial network to fulfill court-ordered restitution.
Breakdown of the $318 million payout:
- $172,171,598 to North Carolina Insurance Companies, including Southland National Insurance Corp., Colorado Bankers Life Insurance Co., Bankers Life Insurance Co., and Southland National Reinsurance Corp.—all previously placed into rehabilitation by the Wake County Superior Court.
- $108,195,266 to Bermuda Insurance Companies, pending Bermuda Supreme Court approval:
- $80,993,997 for Private Bankers Life and Annuity
- $18,868,418 for Northstar Financial Services
- $3,714,041 for Omnia
- $4,618,810 for PB Investment Holdings
- $23,520,710 to Vista Life & Casualty Reinsurance Co.
- $14,112,426 to the special master, including:
- $245,769.50 for Grier Law, plus $1,103.94 in expenses
- $1,094,108.50 for Scott Avila and Paladin Management Group, plus $954.35 in expenses