Judge warns billionaire donor Greg Lindberg of delaying restitution after $2 billion fraud
U.S. District Judge Max Cogburn told Durham billionaire Greg Lindberg that his continual legal maneuvers to contest restitution were unacceptable, after Lindberg was sentenced for a $2 billion insurance fraud scheme.
In a Monday morning hearing, U.S. District Judge Max Cogburn expressed frustration with billionaire Republican donor Greg Lindberg, who continues to contest the amount of restitution owed for a $2 billion insurance fraud and money-laundering scheme. Lindberg, the founder and CEO of Eli Global LLC—renamed Global Growth—has been sentenced to over ten years in prison, a term that could have been lighter had he fully cooperated.
A special master estimates his debt to victims at more than $1.6 billion, though Lindberg argues he has already paid $1 billion and seeks to disqualify the master. The judge noted Lindberg’s pattern of filing ten motions through new attorneys Vivek Ramachandran and Kenneth Barnes, calling the behavior a delay tactic. Lindberg’s prior legal team withdrew, and his latest filings lack proper designation of counsel. Cogburn warned that the court will not tolerate further stalling as he prepares to rule on the final restitution figure by late August.
Why it matters
The case highlights how wealthy donors can use legal tactics to evade full accountability for massive financial fraud.
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