The U.S. Department of Justice announced that Greg Lindberg, founder and chairman of Eli Global LLC and owner of Global Bankers Insurance Group, has been sentenced to a combined 12 years in prison for a bribery conspiracy and a multibillion-dollar fraud and money laundering scheme that bankrupted multiple insurance companies. The case centered on conduct that deceived regulators, evaded safeguards designed to protect policyholders, and left thousands of victims unpaid. According to court documents and trial evidence, Lindberg and his co-conspirators used companies he controlled in North Carolina, Bermuda, Malta, and elsewhere to invest more than USD 2 billion of insurance company funds in loans and other securities issued by affiliated entities, while concealing the true financial condition of the businesses from the North Carolina Department of Insurance, other regulators, ratings agencies, insurers, and policyholders. He also personally benefited by forgiving more than USD 125 million in loans to himself from the insurance companies he controlled. Separately, from April 2017 to August 2018, Lindberg and others paid millions of dollars in campaign contributions and other things of value to influence the North Carolina insurance commissioner to take action favorable to Global Bankers Insurance Group, including removing the senior deputy commissioner overseeing the group. Multiple insurance companies tied to the scheme have been placed into rehabilitation and liquidation, and victims are still collectively owed more than USD 1 billion. A special master has been appointed to assist with restitution and distribution to victims, and the court will set a separate restitution hearing later.

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