A bank founder from Tampa, Fla., was sentenced to 12 years in prison on May 26 for his involvement in a bribery and fraud scheme that bankrupted various insurance companies, leaving many policyholders with unpaid claims.
Greg Lindberg, 56, is the founder of Eli Global LLC and owner of Global Bankers Insurance Group (GBIG). From 2016 to 2019, Lindberg worked with accomplices to defraud insurance companies, regulators and numerous policyholders. According to court documents, they misled the North Carolina Department of Insurance and other regulators, avoided protective regulations, hid the true financial status of his companies and improperly used insurance funds for personal gain.
Lindberg and associates also directed companies under his control in various locations to invest more than $2 billion in loans and securities with affiliated companies, laundering the money obtained from these activities. Lindberg personally benefited by “forgiving” more than $125 million in loans owed to him by his own companies and used the stolen funds to support an extravagant lifestyle, including private jets and luxury properties.
To implement their scheme, Lindberg and his associates conducted circular transactions among his companies with insurance funds, misleading regulators and insurance organizations about these operations. As the fraud began to unravel between April 2017 and August 2018, they initiated a bribery scheme to secure favorable actions from the North Carolina insurance commissioner, offering substantial campaign contributions and valuable incentives in exchange for favorable regulatory actions.
Lindberg's actions caused significant financial harm to insurance companies, third parties, and policyholders, with thousands still owed more than $1 billion. Lindberg pleaded guilty in November 2024 to conspiracy offenses and was convicted in May 2024 of various fraud and bribery-related charges.
The FBI conducted investigations into both cases.