Attention Citizens Securities Customers: Did Your Broker/Advisor Recommend Colorado Bankers Life Insurance?

March 21, 2023

Colorado Bankers Life Insurance Liquidation: Investors Have Other Recovery Options, Contact KlaymanToskes

National investment loss attorneys KlaymanToskes issues an important notice to Citizens Securities customers whose brokers/investment advisors may have recommended Colorado Bankers Life Insurance and/or any of the annuities listed below: 

  • Colorado Bankers Life Insurance Co. 
  • Bankers Life Insurance Co.
  • Southland National Insurance Corp. 
  • Southland National Reinsurance Corp. 

According to public records, all four insurers have about 262,000 policyholders combined and are owned by Greg E. Lindberg, who was released from prison in 2022 after serving nearly two years on a conviction for attempting to bribe a North Carolina Insurance Commissioner, Mike Causey, and is awaiting a retrial while facing new charges.  

Lindberg founded the private equity firm Eli Global, eventually grouping together the large number of insurers he owned as “Global Bankers Insurance Group”. Lindberg has faced allegations that he funneled funds from his other insurance and annuity companies to Northstar (Bermuda).

In January 2023, a judge denied Lindberg’s motion to dismiss involving his $75 million fraud  charges, with the SEC’s complaint naming a Malta-based registered investment adviser, Standard Advisory Services Limited, and two executives, Lindberg and Christopher Herwig.

How Can Investors Recover Their Losses from Lindberg’s Entities?

Colorado Bankers Life Insurance Co. and Bankers Life Insurance Co. were placed into liquidation in November, 2022 by a North Carolina Superior Court judge. Southland National Insurance Corp. was also previously placed in liquidation.

Brokerage firms and brokers/advisors that recommended/sold these annuities and marketed them as safe and low-risk investments to customers may have done so unsuitably, and with a disregard of investors’ best interests, leaving their customers with frozen annuity payments. 

KlaymanToskes believes a FINRA arbitration claim may be the best solution for investors who suffered losses due to their account’s over concentration in annuities, and/or due to their broker/advisor’s breach fiduciary duty, negligence, or misrepresentation of material facts.

Investors who purchased annuities from Colorado Bankers Life Insurance and other Lindberg-owned insurance companies at full-service brokerage firms such as Citizens Securities may be entitled to a financial recovery. 

Contact securities attorney Lawrence L. Klayman, Esq. at 1-888-997-9956 or lklayman@klaymantoskes.com to discuss your recovery options. KlaymanToskes offers legal services on a contingency fee basis, meaning we do not collect attorney’s fees unless we obtain a financial recovery for you. 

About KlaymanToskes

KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.


KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.