CHARLOTTE, N.C. — Greg Lindberg, the 56-year-old founder and chairman of Eli World LLC and proprietor of World Bankers Insurance coverage Group, was sentenced Tuesday to 12 years in jail for orchestrating a multibillion-dollar fraud and cash laundering scheme that bankrupted a number of insurance coverage corporations and left 1000’s of policyholders with greater than $1 billion in unpaid claims.
Lindberg, of Tampa, Florida, additionally directed a bribery conspiracy that funneled tens of millions of {dollars} in marketing campaign contributions and different advantages to North Carolina’s insurance coverage commissioner in trade for favorable regulatory remedy, in keeping with court docket paperwork and proof offered at trial.
A U.S. District Choose within the Western District of North Carolina imposed the sentence following Lindberg’s responsible plea in November 2024 to conspiracy to commit offenses in opposition to the USA and conspiracy to commit cash laundering. He was convicted by a federal jury in Might 2024 of conspiracy to commit trustworthy companies wire fraud and bribery regarding packages receiving federal funds.
From at the least 2016 by way of 2019, Lindberg and co-conspirators defrauded insurance coverage corporations, third events and tons of of 1000’s of policyholders by deceiving regulators, together with the North Carolina Division of Insurance coverage, and concealing the true monetary situation of his corporations, prosecutors mentioned.
The schemes concerned directing greater than $2 billion in loans and securities from managed insurance coverage corporations in North Carolina, Bermuda, Malta and elsewhere into Lindberg’s affiliated entities. He personally benefited by forgiving greater than $125 million in loans owed to himself, utilizing the proceeds to finance a lavish way of life that included non-public jets, mansions and a 200-foot luxurious yacht, in keeping with the Justice Division.
“Lindberg and others engaged in round transactions amongst Lindberg’s internet of entities utilizing insurance coverage firm funds and misled or omitted materials info from regulators, numerous scores companies, insurance coverage corporations and in the end policyholders,” the division mentioned in a information launch.
A number of insurance coverage corporations managed by Lindberg have been positioned in rehabilitation or liquidation. A particular grasp was appointed to deal with restitution for victims, with a separate listening to scheduled for a later date.
Assistant Legal professional Normal A. Tysen Duva of the Felony Division, U.S. Legal professional Russ Ferguson for the Western District of North Carolina, and FBI Particular Agent in Cost Reid Davis introduced the sentencing.
