Greg Lindberg, a billionaire insurance executive, was sentenced to 12 years in federal prison for orchestrating a multibillion-dollar fraud conspiracy. The scheme defrauded multiple insurance companies out of about $2 billion, leaving several companies in or near liquidation and causing substantial financial hardship for thousands of policyholders. Lindberg founded and chaired Eli Global LLC and Global Bankers Insurance Group, which managed international life insurance and reinsurance companies. From 2016 to 2019, he used managed companies in North Carolina, Bermuda, and Malta to invest more than $2 billion in loans across entities he owned. He benefited by forgiving more than $125 million in loans to himself, and some proceeds were laundered to buy private jets and a 200-foot luxury yacht. More than $21 million was laundered toward expenses for women.
"Thousands of policyholders suffered substantial financial hardship as a result of Lindberg's fraud scheme, which left multiple companies in or on the brink of liquidation. The Justice Department will not hesitate to hold corporate executives accountable when they threaten critical sectors of the economy, like the insurance industry, to enrich themselves."
"Lindberg and his co-conspirators used companies he managed based in North Carolina, Bermuda and Malta to invest more than $2 billion in loans in several entities he owned between 2016 and 2019. The DOJ said that he benefited from the scheme, in part, by "forgiving" more than $125 million in loans to himself."
"Some of the money he laundered was used to buy jets and a 200-foot luxury yacht, the DOJ continued. Lindberg also laundered more than $21 million toward expenses on women, according to Bloomberg."
Read at SFGATE
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