Lindberg pleaded to one count of conspiracy to commit offenses against the U.S., including wire fraud, investment adviser fraud, and crimes in connection with insurance business, and one count of money laundering conspiracy. He faces a maximum penalty of 15 years on the charges.

Greg Lindberg pleaded guilty to federal money laundering and fraud charges. The fraud cost victims over $2 billion, according to prosecutors. Lindberg admitted to making false statements to North Carolina regulators. Insurance mogul Greg Lindberg on Tuesday pleaded guilty to federal money laundering and fraud charges.

The defendants were part of a scheme to exploit New York's no-fault insurance law, which provides benefits to people involved in car crashes, regardless of fault.

The U.S. Justice Department said on Tuesday that insurance magnate Greg Lindberg had pleaded guilty to a $2 billion fraud and money laundering scheme operated through a network of companies based in North Carolina,

An insurance magnate who was once a big political donor in North Carolina is in federal custody after pleading guilty in connection to what prosecutors call a $2 billion scheme to defraud insurance regulators,