An insurance mogul who set up shop in Malta in 2014 is reportedly being investigated by the FBI for alleged offences that could potentially include financial crimes, the Times of Malta has learnt.
American entrepreneur Greg Lindberg is reportedly facing a grand jury investigation after prosecutors last September seized records from North Carolina’s Department of Insurance.
Media reports in the US said the subpoenas listed several broad categories of potential offences, including those related to drug, financial services or money laundering.
Mr Lindberg did not respond to a request for comment by the Times of Malta.
Media scrutiny in the US has also focused on millions of dollars given by Mr Lindberg to the Republican party and donations to the Democratic party.
The American investor registered reinsurance company Standard Re in April 2015. It was given a Class 1 and Class 2 insurance licence by the Malta Financial Services Authority.
We cannot disclose details of any investigations we carry out
Asked if any issues had been flagged about Mr Lindberg, a spokesman for the MFSA said confidentiality requirements prevented him from answering.
“The [MFSA’s] supervisory work is confidential by nature and we cannot disclose details of any investigations we carry out or are carrying out or the nature of any intelligence and information exchanges with our counterparts,” the spokesman said.
He pointed out that Standard Re surrendered its licence towards the end of last year.
A source familiar with the company’s operations insisted with the Times of Malta the decision to surrender the licence was a purely commercial one that had nothing to do with the yet unsubstantiated allegations involving Mr Lindberg.
Apart from Standard Re, Mr Lindberg is also linked to other financial interests in Malta, including Standard Advisory Services Ltd, which holds an MFSA investment services licence.
Although the entrepreneur no longer appears to have any public links to Standard Advisory Services on the MFSA’s company registry, filings with the US Security and Exchange Commission shows he still indirectly holds the controlling interests in it through other companies.
The company registered a profit of €18 million in 2017, up from €124,000 the previous year.