DURHAM, N.C. (WNCN) — The founder and chairman of a Durham-based insurance company was sentenced Tuesday to federal prison for his role in a $2 billion fraud conspiracy, according to the United States Department of Justice.
Greg Lindberg is the founder and chairman of Eli Global LLC, which is based in Durham. He’s also a former owner of Global Bankers Insurance Group. The U.S. DOJ said Lindberg was sentenced to a total of 12 years for his involvement in a scheme that “bankrupted multiple insurance companies with thousands of unpaid policyholder victims.”
According to documents and evidence presented in court, the charges stem from Lindberg’s dealings from at least 2016 to 2019, when the insurance executive worked with others to defraud companies, individuals and government entities.
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“Lindberg and others conspired to deceive the North Carolina Department of Insurance 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,” the U.S. DOJ said in a news release, adding that the executive used his companies in North Carolina, Bermuda, Malta and other places to launder the money. “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 he controlled.”…