Court: Greg Lindberg Sentenced To 12 Years
56-year-old Greg Lindberg of Tampa, Florida, has been sentenced to 12 years in prison in the United States in connection with a fraud conspiracy that the U.S. Department of Justice said involved companies he controlled in North Carolina, Bermuda, Malta and elsewhere.
A statement from the US Department of Justice said, “Greg Lindberg, 56, of Tampa, Florida, and the founder and chairman of Eli Global LLC and owner of Global Bankers Insurance Group [GBIG] was sentenced today to a combined 12 years in prison for his role in a bribery conspiracy and multibillion-dollar fraud conspiracy that bankrupted multiple insurance companies with thousands of unpaid policyholder victims.
“According to court documents and evidence presented in court, from at least 2016 through at least 2019, Lindberg conspired with others to defraud various insurance companies, other third parties and hundreds of thousands of insurance policyholders. Lindberg and others conspired to deceive the North Carolina Department of Insurance [NCDOI] and other regulators, evaded regulatory requirements meant to protect policyholders, concealed the true financial condition of his companies and improperly used insurance company funds for his personal benefit.
“Lindberg and his co-conspirators caused companies he controlled in North Carolina, Bermuda, Malta, and elsewhere to invest more than $2 billion in loans and other securities with his own affiliated companies and laundered the proceeds of the scheme. Lindberg directed the scheme and personally benefitted from the fraud in part by ‘forgiving’ more than $125 million in loans to himself from the insurance companies that he controlled. Lindberg used his ill-gotten gains to fund a lavish lifestyle, buying private jets, mansions and a 200-foot luxury yacht.
“To carry out these conspiracies, Lindberg and others engaged in circular transactions among Lindberg’s web of entities using insurance company funds and misled or omitted material information from regulators, various ratings agencies, insurance companies and ultimately policyholders, regarding these transactions.
“As Lindberg’s fraud and money laundering conspiracies were beginning to unravel, from April 2017 to August 2018, Lindberg and others engaged in a bribery scheme for the purpose of causing the Commissioner of Insurance of the NCDOI to take official action favorable to Lindberg’s company, GBIG. Lindberg and others gave the Commissioner millions of dollars in campaign contributions and other things of value in exchange for the removal of NCDOI’s Senior Deputy Commissioner, who was responsible for overseeing the regulation and the periodic examination of GBIG.
“As a result of Lindberg’s conduct, his insurance companies, third-party entities and policyholders suffered substantial financial hardship, and multiple of his insurance companies have been placed in rehabilitation and liquidation. To date, thousands of individual policyholders and other victims are collectively still owed more than $1 billion. A special master was appointed by the court in the fraud case to assist with the restitution process and distribution of funds to victims. A separate restitution hearing will be set at a later date.
“In November 2024, Lindberg pleaded guilty to conspiracy to commit offenses against the United States and conspiracy to commit money laundering. In May 2024, Lindberg was convicted by a federal jury of conspiracy to commit honest services wire fraud and bribery concerning programs receiving federal funds. The FBI Charlotte Field Office investigated both cases.”
Read More About
Category: All, Court Reports, Crime, News
12 years only for stealing 125 million dollars via uber-corruption, ruining people’s businesses and jobs etc? Wow. So each year in prison pays off ten million dollars, meaning one month in prison atones for a million dollars? Don’t make me laugh. There are people who rob someone of petty cash and go prison for years. Does he have to pay back the money? Sell the yacht etc?
Most likely, he will be out in less than 12 years for good behaviour. Then he will access any money and assets not seized. Bitcoin has greatly appreciated.