Fraudster billionaire who wanted 50 kids with – Business News
A North Carolina billionaire who reportedly sought to father as many as 50 kids with “Aryan”-looking girls was sentenced this week to 12 years in jail for a sprawling fraud scheme that siphoned more than $2 billion from insurance coverage corporations.
Greg Lindberg, 55, spent roughly $30 million on non-public jets, $21 million “in connection with various women” and one other $12 million on yacht bills whereas looting insurer money meant to guard retirees and policyholders, in keeping with federal prosecutors.
News of his sentencing was reported Tuesday by the Charlotte Observer.
Greg Lindberg, 55, was sentenced to jail by a Charlotte federal decide. WRAL
Bloomberg News discovered Lindberg ran what insiders described as a weird “baby project” whereas federal authorities closed in on his insurance coverage empire.
The December 2024 report alleged Lindberg sought to father as many as 50 kids by means of a sprawling community of egg donors and surrogates — and particularly pursued girls with “blonde” and “blue-eyed” appears that former associates described as “Aryan.”
Bloomberg reported that a minimum of 25 girls have been tied to the operation, with some alleging they have been manipulated or deceived into donating eggs that Lindberg used after being informed they might go to nameless infertile {couples}.
One girl alleged Lindberg pressured her into IVF remedies by threatening to desert her if she refused.
She later signed paperwork waiving parental rights, solely to allegedly lose contact with her organic baby after a surrogate gave beginning, in keeping with the report.
The Bloomberg investigation additionally discovered Lindberg, a father of 12 kids, spent lavishly to recruit girls by means of yacht events, matchmaking companies and luxurious occasions whereas working a surveillance equipment that carried out background checks and monitoring on potential romantic companions.
He denied wrongdoing and later sued Bloomberg’s reporters for defamation, in keeping with the report.
(*50*) prosecutors mentioned Lindberg spent tens of millions on yachts, non-public jets and ladies whereas looting insurance coverage corporations that held retirement financial savings for 1000’s of policyholders. Send2Press/AP
The defamation lawsuit was dismissed final yr by a federal decide in Florida.
The Durham businessman shelled out more than $15.4 million in direct funds to girls, over $2 million on matchmaking and relationship companies, $1.6 million on housing-related funds for girls and one other $1.3 million on social gathering planners employed to host occasions designed to help him meet romantic companions, in keeping with courtroom filings.
Lindberg made his fortune by building a sprawling insurance coverage and investment empire by means of Eli Global and a web of affiliated corporations that included insurers similar to Colorado Bankers Life Insurance, Bankers Life Insurance and Southland National Insurance.
Prosecutors mentioned he raided insurance coverage corporations that held retirement financial savings and annuities for 1000’s of middle-class prospects, then hid the scheme by means of sham loans, round transactions and false financial statements.
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(*50*) prosecutors individually alleged Lindberg used insurer money to fund yacht journeys to Ibiza, Spain, private-jet journey, luxurious Manhattan condos and surveillance companies employed to monitor girls he “had or sought to have a personal relationship” with.
US District Judge Max Cogburn Jr. handed down the sentence in Charlotte federal courtroom after Lindberg pleaded guilty within the sprawling insurance-fraud case and was individually convicted in a bribery scheme focusing on North Carolina Insurance Commissioner Mike Causey.
With 4 years in jail-time credit, Lindberg might be launched in 2034 after he serves eight years, in keeping with courtroom proceedings.
At sentencing, prosecutors mentioned roughly 30,000 victims died earlier than recovering money tied to the scheme.
Lindberg pleaded guilty to conspiracy and money laundering fees tied to a huge insurance coverage fraud scheme. AP
“Most of Lindberg’s victims were middle class folks who wanted a safe place to put their hard-earned retirement savings,” prosecutors wrote.
One sufferer couldn’t pay for her murdered son’s funeral, prosecutors mentioned. Another household misplaced entry to more than $600,000 in financial savings whereas their daughter underwent most cancers therapy.
Assistant US Attorney Lyndie Freeman informed the courtroom Lindberg owed roughly 2,000 policyholders, in addition to $1 billion to insurance coverage corporations in Puerto Rico.
Defense attorneys mentioned Lindberg already paid roughly $1 billion in restitution — which they described as one of the biggest restitution funds in US historical past.
Lindberg apologized in courtroom, saying: “I am deeply regretful and apologize to the policyholders. They didn’t sign up for this.”
He didn’t handle the bribery scheme in his remarks.
Prosecutors famous Lindberg’s makes an attempt to painting himself as a financial visionary.
“Lindberg liked to claim he was the next Warren Buffett,” they wrote, “but he was much closer to being the next Marty Frankel or Doug Cassity, two notorious insurance fraudsters.”
Court filings additionally revealed weird personal notes wherein he mentioned changing into price $100 billion, residing to age 120, “longevity research” and cloning.
The Post has sought remark from Lindberg.
