In late 2017 a spokesperson stated that his net worth was $1.7 billion. Following his indictment, the home he purchased in Raleigh was put up for sale. In July 2020 he released a letter written by the Berkeley Research Group which declared his personal net worth to be “between $860 million and $1.46 billion”.
Greg Lindberg Biography
Greg Evan Lindberg (born 1970) is an American business executive and founder of Global Growth, a conglomerate specializing in information and financial services. He also donated large sums of money to political causes. In 2020 he was convicted of bribery and conspiracy to commit wire fraud.
Greg Lindberg Early life and education
Greg Lindberg was born in San Mateo, California, the United States in 1970, the youngest of five children. His father was an airline pilot. He attended Crystal Springs Uplands School in Hillsborough, California before studying at Yale University, where he graduated with an economics degree in 1993.
Greg Lindberg Career
Greg Lindberg Global Growth
In 1991, while still attending Yale University, Lindberg launched Home Care Week, a health insurance compliance and reimbursement newsletter for home health agencies. He later transformed this venture into a conglomerate, Eli Global, based in Durham, North Carolina. The conglomerate operated as an information and financial services company.
In 2012 Lindberg began investigating the possibility of acquiring insurance companies, displaying a particular interest in the large number of assets retained by such companies to fulfill payouts. In 2014 Eli Global made its first insurance acquisition when it purchased a burial-policy insurer based in Alabama.
Lindberg wished to loan the insurer’s assets to other businesses he owned, but the number of the company’s assets he could invest in affiliated enterprises was restricted by Alabama state laws. Lindberg then relocated the insurer to North Carolina, where regulations on such practices were vaguer, and began trading the burial-policy insurer’s investments in treasury bonds for large loans in his own companies.
Though North Carolina regulators usually enforced a cap of affiliated investments on insurers at 10% of their assets, the North Carolina Department of Insurance led by North Carolina Commissioner of Insurance Wayne Goodwin reached a special agreement with Lindberg, allowing his burial-policy insurer to invest as much as 40% of its assets in affiliates, though this limit was also eventually breached. Don’t Miss: Marta Kristen Net Worth, Bio, Facts, Family
In 2015 and 2016 Lindberg acquired more insurers and grouped them together as the Global Bankers Insurance Group. As a result of the insurer acquisitions, Eli Global became markedly more profitable. Lindberg ultimately loaned about $2 billion from the insurance companies he had acquired to his affiliated corporations, using much of it to expand his private holdings. By 2019 he had acquired over 100 companies.
On June 27, 2019, the North Carolina Department of Insurance placed several of Lindberg’s insurance companies into “rehabilitation”, citing concerns about their liquidity and ability to meet their obligations to policyholders. In late July North Carolina Governor Roy Cooper signed a legislative proposal—created in reaction to Lindberg’s investment strategy and widely dubbed “the Lindberg bill”—into law setting a statutory limit on affiliated investments by insurers at 10% of their assets.
Eli Global was re-branded as Global Growth in September and Lindberg resigned as its chief executive officer. Following the public disclosure of Lindberg’s personal legal troubles and those of his companies, he and some of his companies were sued by several corporations for failure to uphold business agreements.
In 2013 Lindberg claimed to maintain a net worth of $340 million. Following his increased activity in the insurance industry in 2014, Lindberg began spending significantly more money on his private life than he had previously done. He purchased homes in Idaho and the Florida Keys, as well as making the largest-ever purchase for a private home in Raleigh, North Carolina. He also acquired a yacht and a private jet. In late 2017 a spokesperson stated that his net worth was $1.7 billion. Following his indictment, the home he purchased in Raleigh was put up for sale. In July 2020 he released a letter written by the Berkeley Research Group which declared his personal net worth to be “between $860 million and $1.46 billion”.
Lindberg married Tisha and had three children with her. They later became estranged, separating in 2017. As of 2019, the two were seeking a divorce. Following the couple’s separation, Lindberg began dating other women. He hired dozens of private investigators to observe and track the women; some women were followed at all times. Lindberg maintained that this was only done to ensure that the women were not living unhealthy or destructive lifestyles—such as taking narcotics—and told the operatives he hired that the women had consented to surveillance. Reports from the private investigators obtained by The Wall Street Journal indicated that Lindberg was particularly interested in the interactions the women had with other men. Some of the operatives were also doubtful that the women had consented to surveillance.
Greg Lindberg Wikipedia
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