Prosecutors alleged that Lindberg provided false statements about his insurance business to regulators and obscured the real financial health of his companies. The scheme has led to some of his insurance companies being put into rehabilitation and liquidation, it stated.

“Thousands of policyholders suffered substantial financial hardship as a result of Lindberg’s fraud scheme, which left multiple companies in or on the brink of liquidation,” DOJ Principal Deputy Assistant Attorney General Nicole Argentieri said in a statement.