The Securities and Exchange Commission sued insurance magnate Greg Lindberg, alleging that he and a lieutenant defrauded insurers out of more than $75m through a series of undisclosed related-party transactions and advisory fees paid to a Malta entity.

“We allege a massive fraudulent scheme, involving unique financial structures and various complex investments,” said Osman Nawaz, chief of the SEC division of enforcement’s complex financial instruments unit, in a news release 30 August accompanying the complaint.