Investment regulators accuse NC insurance magnate of fraud

DURHAM, N.C. (AP) — Federal securities regulators have formally accused a North Carolina-based insurance magnate, an associate and their investment advisory firm of defrauding clients out of over $75 million. The Securities and Exchange Commission filed in Durham federal court on Tuesday a civil complaint against Gregory E. Lindberg of Durham, Christopher Herwig of Raleigh and Malta-based Standard Advisory Services Limited. The government wants them to have to give up the money it alleges they fraudulently made, as well as pay penalties and interest. Lindberg has faced other recent civil and criminal proceedings in North Carolina. A federal appeals court recently vacated corruption-related convictions against Lindberg.