{"id":379,"date":"2026-05-29T11:32:54","date_gmt":"2026-05-29T11:32:54","guid":{"rendered":"https:\/\/sanfranciscomovingguide.com\/?p=379"},"modified":"2026-05-29T11:32:54","modified_gmt":"2026-05-29T11:32:54","slug":"billionaires-2b-insurance-fraud-scheme-paid-for-private-jets-dating-services","status":"publish","type":"post","link":"https:\/\/sanfranciscomovingguide.com\/?p=379","title":{"rendered":"Billionaire’s $2B insurance fraud scheme paid for private jets, dating services"},"content":{"rendered":"
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A billionaire and insurance mogul with Bay Area ties was sentenced to 12 years in federal prison after he orchestrated an elaborate scheme that defrauded multiple insurance companies out of $2 billion that he used to buy mansions and private jets, the U.S. Department of Justice said.\u00a0<\/p>

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San Mateo native Greg Lindberg, 56, was sentenced on Tuesday in the United States District Court for the Western District of North Carolina on charges related to a multibillion-dollar fraud conspiracy that bankrupted several insurance companies and policyholders, the DOJ announced in a news release.\u00a0<\/p><\/div>

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Lindberg, now a Florida resident, was the founder and chairman of North Carolina-based international private equity and financial services firm Eli Global LLC, and Global Bankers Insurance Group, which managed international life insurance and reinsurance companies. Bloomberg Businessweek reported in December 2024 that Lindberg\u2019s net worth had been more than $1 billion.\u00a0<\/p><\/div>

\u201cThousands of policyholders suffered substantial financial hardship as a result of Lindberg\u2019s fraud scheme, which left multiple companies in or on the brink of liquidation,\u201d Nicole Argentieri, principal deputy assistant attorney for the Justice Department\u2019s Criminal Division, said in a November 2024 news release. \u201cThe Justice Department will not hesitate to hold corporate executives accountable when they threaten critical sectors of the economy, like the insurance industry, to enrich themselves.\u201d<\/p><\/div>

Lindberg and his co-conspirators used companies he managed based in North Carolina, Bermuda and Malta to invest more than $2 billion in loans in several entities he owned between 2016 and 2019. The DOJ said that he benefited from the scheme, in part, by \u201cforgiving\u201d more than $125 million in loans to himself. Some of the money he laundered was used to buy jets and a 200-foot luxury yacht, the DOJ continued.\u00a0<\/p><\/div>

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Lindberg also laundered more than $21 million toward expenses on women, according to Bloomberg. Among his lavish spending was $2 million toward matchmaking and dating services, as well as more than $600,000 for \u201creproductive services.\u201d In 2024, Bloomberg Businessweek reported that Lindberg had at least 12 children, including six or more born from 25 women who either were surrogates or egg donors in what the publication called a network \u201cbuilt largely through manipulation and deceit.\u201d\u00a0<\/p><\/div>

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