A billionaire insurance mogul who owns a licensed investment company in Malta has been found guilty in the United States of political bribery and fraud.
Self-described billionaire Greg Lindberg was found guilty of using the promise of millions in campaign donations to bribe North Carolina insurance commissioner Mike Causey.
Jurors heard how Lindberg wanted Causey to remove an official who was in charge of regulating and monitoring two of his
US companies.
From 2014, Lindberg set up 10 Maltese companies, including Standard Re, a licensed insurance firm and Standard Advisory Services, which holds an MFSA investment services licence.
While Standard Re voluntarily surrendered its licence in December 2018, Standard Advisory Services still shows up as a licensed entity on the MFSA’s website.
Standard Advisory Service’s 2017 accounts show the bulk of its €29 million in revenues came from money extracted from other companies in Lindberg’s business empire.
The MFSA said it investigates any information relevant to any of its licensed entities.
“Details of the authority’s supervisory engagement with regulated entities, and any investigations and/or reviews conducted by the MFSA that may lead to enforcement actions, is carried out, subject to strict confidentiality provisions in terms of law,” it said.
“As a result, the MFSA is not in a position to share details on supervisory matters at this stage.”
Since Lindberg was indicted last year, a number of local financial practitioners have moved to distance themselves from the companies he set up, many of which are now under dissolution.
His conviction has created a political storm in his home state of North Carolina, where he is described as the leading political donor there and a major campaign donor in the US.
Prosecutors said Lindberg had taken part in a “brazen bribery scheme” in exchange for official action that would benefit his business interests.
He is now facing a maximum possible sentence of 30 years.
A judge who presided over the trial has admonished Lindberg because a member of his defence team allegedly contacted a juror after the conviction was handed down.
The contact was reportedly made in an attempt to gather information relevant for an appeal.