National investment loss attorneys KlaymanToskes issues an important notice to Citizens Securities, Inc. customers whose broker/investment advisor may have recommended investing in Colorado Bankers Life Insurance and/or any of the related annuities listed below:
All four of the annuities listed have about 262,000 policyholders combined and are owned by Greg E. Lindberg, a former business executive and founder of a private-equity firm, Global Growth, who has faced a number of regulatory and legal charges.
Greg Lindberg was released from prison in 2022 after serving nearly two years for attempting to bribe a North Carolina Insurance Commissioner, Mike Causey, and is awaiting a retrial while facing new charges. His most recent indictment alleges widespread fraud and his retrial has been set for May 1st, 2023, according to the Department of Justice. Greg Lindberg founded the private equity firm Eli Global and owned a large number of insurers.
Lindberg grouped together the insurers as “Global Bankers Insurance Group” and allegedly deceived the North Carolina Department of Insurance and other regulators by evading regulatory requirements meant to protect policyholders and by concealing the true financial health of his companies. Lindberg has also faced separate allegations that he funneled funds from his other insurance/annuity companies to Northstar (Bermuda).
In January 2023, Lindberg filed a motion to dismiss his $75 million fraud charges, which a judge denied. The SEC’s separate complaint names a Malta-based registered investment adviser, Standard Advisory Services Limited, and another executive, Christopher Herwig.
In December 2022, Christopher Herwig, who was allegedly one of Lindberg’s top executives, pleaded guilty in another fraud-related case. Herwig allegedly conspired with Lindberg and other individuals to commit wire fraud, investment advisor fraud, money laundering, and false statements in the business of insurance to regulators.
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. Many holders of these annuities and other Lindberg-related entities have been left with frozen annuity payments.
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.
KlaymanToskes believes that brokerage firms and brokers/advisors that recommended and/or sold these annuities may have misrepresented them as safe and low-risk investments to customers. Financial professionals may have recommended the annuities unsuitably, without regard for investors’ best interests, and/or over-concentrated the account in unsuitable annuities.
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.
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.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com