Florida — Florida businessman Greg Lindberg, founder and chairman of Eli Global LLC and owner of Global Bankers Insurance Group (GBIG), has been sentenced to a combined 12 years in federal prison for his roles in a massive insurance fraud conspiracy and a separate bribery scheme involving North Carolina’s insurance regulator.
According to the U.S. Department of Justice, Lindberg, 56, orchestrated a multibillion-dollar fraud from at least 2016 through 2019 that defrauded insurance companies, regulators, third parties, and hundreds of thousands of policyholders. Prosecutors said Lindberg and his associates concealed the true financial condition of companies under his control, evaded regulatory safeguards designed to protect policyholders, and improperly diverted insurance company funds for personal use.
Federal investigators found that Lindberg-controlled companies in North Carolina, Bermuda, Malta, and other jurisdictions invested more than $2 billion in loans and securities tied to his affiliated businesses. Prosecutors said the network of transactions effectively moved policyholder funds through a web of related entities while disguising the financial risks from regulators and ratings agencies.
Authorities said Lindberg personally benefited from the scheme by forgiving more than $125 million in loans owed to insurance companies he controlled. The illicit proceeds helped finance a luxury lifestyle that included private jets, mansions, and a 200-foot yacht.
As regulators began scrutinizing the companies, Lindberg also participated in a bribery conspiracy between 2017 and 2018. Prosecutors said he and others provided millions of dollars in campaign contributions and other benefits to influence the North Carolina Commissioner of Insurance. The goal was to secure the removal of a senior regulator responsible for overseeing examinations of GBIG and its affiliated companies.
The consequences were severe. Multiple insurance companies connected to Lindberg have since entered rehabilitation or liquidation proceedings. Federal officials said thousands of policyholders and other victims remain collectively owed more than $1 billion. A court-appointed special master is assisting with victim restitution, and a separate hearing will determine the amount Lindberg must repay.
Lindberg pleaded guilty in November 2024 to conspiracy to commit offenses against the United States and conspiracy to commit money laundering. Earlier, in May 2024, a federal jury convicted him of conspiracy to commit honest services wire fraud and bribery concerning programs receiving federal funds.
The cases were investigated by the FBI’s Charlotte Field Office and prosecuted by attorneys from the Justice Department’s Criminal Division and the U.S. Attorney’s Office for the Western District of North Carolina.
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