North Carolina
North Carolina Supreme Court Lets Stand Greg Lindberg’s Civil Fraud Liability
The North Carolina Supreme Court has decided that it will not, after all, review another legal filing by convicted insurance entrepreneur Greg Lindberg.
The Oct. 17 ruling lets stand a 2023 decision by the state Court of Appeals, which found that Lindberg and some of his affiliated companies were liable for fraud by misleading life insurance companies and a reinsurance firm that he once owned.
“We hold the trial court’s conclusions of law were supported by findings of fact based on competent evidence,” the appeals court judges wrote in the 2023 opinon.
The high court in December 2023 had agreed to review the appeal court’s order, at Lindberg’s behest. But after hearing oral arguments, the Supreme Court justices changed their minds, noting that “discretionary review was improvidently allowed by order on 13 December 2023.”
No further explanation was offered. But with multiple criminal and civil proceedings stemming from the bribery conviction of and the regulatory crackdown on Lindberg, the appeal court’s 24-page opinion offers a valuable recount of some of the main aspects of the voluminous litigation involving Lindberg since 2016.
“Simply put, Lindberg created a scheme in which he caused $1.2 billon held for Plaintiffs’ policyholders to be invested into other non-insurance companies that he also owned or controlled,” the appellate judges wrote in the opinion in Southland National Insurance Corp., et al, vs. Greg Lindberg, et al.
It all began in 2014 under previous North Carolina Insurance Commissioner Wayne Goodwin, the court explained. Lindberg sought to re-domesticate Southland, Bankers Life Insurance Co., Colorado Bankers Life Insurance Co., and Southland National Reinsurance Corp. to North Carolina. Lindberg struck a special agreement with Goodwin, allowing Lindberg to break what has often been considered a cardinal rule for insurance companies – keeping adequate reserves on hand and under the control of the insurance carrier.
Instead, Lindberg was allowed to invest up to 40% of the insurance companies’ assets into affiliated business entities, and Lindberg soon invested hundreds of millions into non-insurance firms he owned or controlled.
In 2016, Mike Causey defeated Goodwin in the election and took over as insurance commissioner. Causey moved swiftly to reduce the cap on affiliated investments – back to 10%, the court explained.
Lindberg in early 2018 attempted to bribe Causey with heavy campaign contributions, hoping for a relaxation of the rules as he struggled to “untangle his affiliated investments,” the appellate judges noted. Causey cooperated with federal authorities and wore a recording device during the meeting with Lindberg. Lindberg was convicted of bribery in 2020, had his conviction overturned due to improper jury instructions, then was convicted again in 2024. He’s still awaiting sentencing.
Meanwhile, in late 2018, while Lindberg’s prosecution was pending, it became obvious that Lindberg’s affiliated companies would not meet their obligations to restore funds to cover the life insurers’ policyholder liabilities. NCDOI placed Southland and the other insurance companies under administrative supervision. An out-of-state consultant was put in charge, and deadlines were set for repayment of the assets.
With it becoming clear that Lindberg’s affiliated firms would not meet the deadlines, Southland and the other insurance companies signed a memorandum of understanding and other agreements, restucturing the financial obligations, providing a $40 million line of credit to a company owned by Lindberg, and making the affiliated firms subsidiaries of a newly created holding company, the court explained.
In 2019, Lindberg’s affiliated firms failed to meet the restructuring agreements’ goals and failed to make the affiliated businesses part of the holding company. Southland filed suit, charging fraud.
The trial court in Wake County largely agreed, and the appeals court upheld the lower court’s ruling.
“Defendants attempt to convince this Court that the MOU’s main purpose was not only to rehabilitate Plaintiffs’ companies, but to ensure Lindberg would continue to benefit from the overall transaction,” the appellate judges wrote. “This argument ignores another of Defendants’ motivations: to make money using capital provided by hardworking, North Carolina policyholders.”
Lindberg’s team claimed that the memorandum of understanding was unenforceable. The appeals court didn’t buy that argument.
“Defendants and Lindberg have enjoyed the benefit of millions of dollars of debt relief provided by Plaintiffs, yet continue to claim the MOU is unenforceable,” the court wrote.
On other arguments the court was equally critical of Lindberg’s assertions.
“Put plainly, Defendants made representations about their ability to perform under the MOU, then just two weeks before performance was due, cited those exact representations as the reason why they could not perform,” Judge April Wood wrote in the opinion.
And because Lindberg understood the intricacies of the affiliated businesses’ structures, he knew that performance under the MOU was impossible, “yet made representations that induced Plaintiffs to enter into the contract. For those reasons, we hold the trial court did not err in finding Defendants’ actions satisfied the elements of fraud.”
The appeals court remanded part of the case to the lower court to determine remedies available to Southland and the other plaintiff insurance companies.
In November 2024, Lindberg pleaded guilty to $2 billion in fraud in a related prosecution. In July of this year, a federal judge approved a plan to distribute $318 million from the sale of a Lindberg-owned software firm to the life insurance policyholders. In early October, the judge allowed the release of policyholder information so that a special master in the case could finally begin distributing funds to the victims of the fraud.
Read more about Lindberg’s bribery conviction here, and other court rulings here.
Topics
Fraud
North Carolina
Liability
North Carolina
2 Candidates Emerge in NC State’s Coaching Search
RALEIGH — NC State replaced Kevin Keatts with Will Wade in March 2025, introducing him 368 days ago in front of the Wolfpack community at Reynolds Coliseum. A little over a year later, Wade decided to leave his new program to return to LSU, the school that fired him for cause in 2022, beginning a long journey back to Power Four basketball.
Now, athletic director Boo Corrigan and the rest of the NC State administration must find a new leader for the men’s basketball program. To make matters more complicated, they won’t have a lot of time to do so, as the new head coach needs to be in place firmly before April 7, the day the transfer portal opens. However, early noise indicates the group in charge has eyes on two candidates.
Who are the candidates?
According to multiple reports, Corrigan and other power brokers at NC State zeroed in on Saint Louis head coach Josh Schertz and Tennessee associate head coach Justin Gainey as the primary two candidates for the opening. Both names were expected to be in the mix as soon as the Wade exit became more and more likely, although Corrigan shared no specific names during his Thursday press conference.
The NC State University Board of Trustees hosted an emergency meeting on Friday, with the primary subject being Wade’s buyout negotiation. Of course, speculation began quickly that there were discussions about the next coach of the Wolfpack, but that’s been confirmed not to be the case in the behind-closed-doors meeting for the board.
NC State Board of Trustees emergency meeting related to change in term of Will Wade’s buyout (from $5M to $4M, as AD Boo Corrigan said yesterday) not a new coach hire. Quickly went into closed session. No public business.
— Brian Murphy (@murphsturph) March 27, 2026
Even so, it seems as though NC State plans on making a strong push for Schertz first, despite his status as head coach at Saint Louis still and his recent agreement to a contract extension. That certainly makes things more complicated, but hiring Schertz would allow NC State to maintain any sort of positive momentum established by Wade and his regime in Raleigh. Still, Corrigan isn’t totally committed to a sitting head coach.
“I don’t think it has to be a sitting head coach at this point,” Corrigan said. “I think we want to find someone that knows how to coach and is a great coach, and has the ability to connect with people, both internal and external, with the players, be able to recruit. You have to be a good recruiter in this day and age.”
NC State will move as quickly as it possibly can, with Gainey and Schertz atop the list. That doesn’t rule out other options entirely, but all signs point to one of them being the most likely to be the next coach of the Wolfpack, ending the Will Wade era as quickly as it started.
North Carolina
NC offshore wind project canceled as $1B deal shifts investment to fossil fuels
A planned offshore wind project off North Carolina’s coast that could have powered roughly 300,000 homes has been scrapped after the federal government agreed to spend nearly $1 billion to halt its development, a decision that is drawing sharp reactions and raising questions about future energy costs in the state.
Under the agreement, the French energy company TotalEnergies will be reimbursed for leases it purchased in federal waters near Bald Head Island. In exchange, the company will redirect that investment into oil and natural gas projects, including liquefied natural gas (LNG) production.
The move comes as electricity demand in North Carolina and across the Southeast is rising, driven by population growth and the rapid expansion of energy-intensive data centers.
Energy analysts say removing a major potential source of power from the pipeline could have lasting implications.
“I think folks are trying to figure out how to reconcile this with the fact that we do need more electrons on the grid,” said Katharine Kollins, president of the Southeastern Wind Coalition. “Every state right now is looking at how we can develop more energy, not how we should be taking options off the table.”
The canceled project, known as Carolina Long Bay, was one of two offshore wind developments TotalEnergies had planned along the East Coast. The North Carolina portion alone would have generated about 1,300 megawatts of electricity and brought significant economic development to the region.
State leaders were quick to criticize the decision. In a post on X, Gov. Josh Stein said the Trump administration is “spending nearly $1 billion in taxpayer money to pay off a company to stop investments in the clean energy we need,” calling it “a terrible deal for the people of North Carolina and our country.”
The Interior Department, which negotiated the agreement, defended the move, saying offshore wind projects are too costly and unreliable to meet the nation’s energy needs. In a statement, officials said redirecting investment toward natural gas would provide “affordable, reliable and secure energy” while strengthening grid stability.
The debate reflects a broader divide over how to meet growing electricity demand while keeping costs down.
Offshore wind projects typically require high upfront investment but have no fuel costs once operational. Fossil fuel plants rely on fuel that can fluctuate in price.
“Using a billion dollars of taxpayer money to remove an option for North Carolina and then require that company to invest in LNG just doesn’t feel right,” Kollins said.
She and other advocates argue that offshore wind could help stabilize energy prices over time by diversifying the state’s power mix, particularly during periods of high demand or fuel volatility.
The federal government and industry leaders backing the deal say natural gas offers a more dependable source of power, especially as the grid faces increasing strain.
Part of that shift now points to LNG, which is traded on a global market. That means prices can rise or fall based on international demand, geopolitical tensions and export levels — dynamics that do not affect wind energy.
The cancellation also highlights uncertainty around offshore wind development in North Carolina. Duke Energy, the state’s largest utility, holds a neighboring lease in the same area but paused development last year as it reevaluated costs and policy conditions.
As state regulators and utilities map out how to meet future demand, the loss of Carolina Long Bay narrows the range of options.
For residents, the stakes may ultimately show up in monthly bills.
“When we limit our choices,” Kollins said, “we limit our ability to control costs.”
North Carolina
What North Carolina Wants to See Happen in the Sweet 16
The North Carolina Tar Heels were a first-round exit in this year’s NCAA Tournament, but that does not mean that what transpires the rest of the way does not matter for the program.
It has been less than a week since the Tar Heels blew a 19-point lead in the second half against the VCU Rams, en route to an 82-78 loss in overtime. The result has raised doubts about Hubert Davis’ future as North Carolina’s head coach.
With all of that being said, here are a couple of things the Tar Heels should be wishing to happen later this week in the Sweet 16.
Duke Falls Short
The North Carolina-Duke rivalry is arguably the best one in all of sports. It was a tantalizing matchup the first time these two squared off this year, with Caleb Wilson and Cameron Boozer going head-to-head, as both players are expected to be selected in the top five of the 2026 NBA Draft.
However, the discrepancy between the two teams was apparent, even though the Tar Heels split the season series. The Blue Devils entered the NCAA Tournameent as the No. 1-overall seed in the entire field, while the Tar Heels limped into the field as a six-seed.
While North Carolina would obviously prefer playing in the upcoming round, which starts on Thursday night, nothing would make Tar Heels fans happier than to see Duke fall to St. John’s in the Sweet 16.
The Blue Devils have been playing with fire in the first two rounds, at various points, but they ultimately advanced to the second weekend of the tournament. St. John’s is a formidable opponent that could legitimately take down Duke.
One of the Teams With a Legitimate Head Coaching Option To Lose
It has been well-documented that North Carolina is likely to be in the coaching market, as Davis appears to be on his way out in Chapel Hill. If this occurs, the Tar Heels need to make a substantial hire that will elevate the program back to competing for national championships.
There will be a slew of options for North Carolina to consider, but two names to keep an eye on are Iowa State’s T.J. Otzelberger and Alabama’s Nate Oats. You may be asking yourself, ‘Why should North Carolina be rooting for potential head coach candidates to lose?’
Here’s why: the transfer portal opens on April 7, and ideally, North Carolina would want its presumed new head coach in place well before then. Those coaches will not be the only two to watch for, but they are arguably the most ideal.
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