Yachts, jets and women: NC billionaire Greg Lindberg to pay for billions he stole
Billionaire Greg Lindberg, now convicted of trying to bribe a state official on top of masterminding what federal prosecutors called “one of the biggest insurance frauds in history,” was sentenced Tuesday to more than 19 years in prison.
Lindberg “siphoned more than $2 billion” from insurance companies and used about $30 million on private jets, $21 million “in connection with various women,” and $12 million on “yacht expenses,” Assistant U.S. attorneys wrote in their sentencing memorandum. And when North Carolina insurance regulators started poking around, he tried to bribe state Commissioner of Insurance Mike Causey.
Attorneys said the billionaire owed about 2,000 policyholders at the time of his sentencing, and Lindberg owed $1 billion to insurance companies in Puerto Rico and $4 million to the National Organization of Life & Health Insurance Guaranty Associations. By Tuesday, he had paid $1 billion in restitution, his attorneys said.
But about 30,000 victims died before seeing any of that money, prosecutors said.
Lindberg has credit for about four years served in jail.
This is a developing story. Check back for updates.
