The former chief executive officer and founder of Eli Global (EG) and Global Bankers Insurance Group (GBIG) was sentenced Tuesday to 12 years in prison for a vast, $2 billion insurance fraud operation that bankrupted numerous insurance companies and cheated thousands of insurance policyholders, the U.S. Department of Justice (DOJ) said.
Greg Lindberg, who owned additional companies in Bermuda and Malta, conspired with others to defraud insurance companies and third parties. He then engaged in circular transactions, between 2016 and at least 2019, moving funds and taking “loans” from certain of his companies, to himself and other of his companies, according to a February 2023 indictment.
