Greg Lindberg, the owner of Eli Global LLC and Global Bankers Insurance Group (GBIG), was sentenced to 12 years in prison for running a $2 billion fraud, money laundering, and bribery scheme. His actions caused several insurance companies to go bankrupt and impacted thousands of policyholders and other victims, who are still owed over $1 billion.

The Office of Public Affairs in the Department of Justice (DOJ) announced Lindberg’s sentencing via a press release dated May 26. Citing court documents and evidence, the news release stated that Lindberg, 56, conspired with others to mislead regulators, misuse insurance money, and launder funds while spending heavily on a lavish lifestyle. He was also involved in bribing North Carolina‘s insurance commissioner.

 

 
 
 
 
 
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From at least 2016 to at least 2019, Lindberg, who is from Tampa, Florida, conspired to defraud the North Carolina Department of Insurance (NCDOI) and skipped regulatory requirements necessary to protect policyholders. The defendant also hid the true financial condition of their companies and used the insurance company’s money for his personal gain.

Lindberg’s controlled companies are in North Carolina, Bermuda, Malta, and elsewhere. He and his co-conspirators came up with ways for these companies to invest over $2 billion in loans and other securities with companies affiliated with him. Prosecutors said that the defendant then laundered the money he gained from his fraud schemes.

According to court documents, Lindberg personally “forgave” over $125 million in loans he had drawn from his own insurance companies.

Lindberg and his co-conspirators carried out these frauds through circular transactions in the former’s entities. They also either hid information from or misled regulators, ratings agencies, insurance companies, and policyholders.

Prosecutors said that Lindberg used the illegally gained money to support a lavish lifestyle, including buying private jets, mansions, and a 200-foot luxury yacht.

When his frauds and schemes began to unravel, Lindberg attempted to bribe NC Insurance Commissioner Mike Causey from April 2017 to August 2018. The defendant and his co-conspirators offered Causey millions in campaign contributions in exchange for removing a senior deputy overseeing his insurance companies.

Causey, however, refused the bribe and instead recorded Lindberg’s criminal activities on an FBI wire.

In May 2024, a federal jury convicted Lindberg of conspiracy to commit honest services wire fraud and bribery concerning programs receiving federal funds, the press release shared.

In November 2024, Lindberg pleaded guilty to conspiracy to commit offenses against the United States and conspiracy to money laundering.

Even while facing sentencing, Lindberg reportedly hired President Donald Trump‘s ex-bodyguard-turned-lobbyist to seek a presidential pardon, following which, Causey publicly urged Trump via a press release not to pardon Lindberg.

As of his sentencing, Lindberg still owes more than $1 billion to thousands of policyholders and victims. A restitution hearing is expected to take place on a later date.