Greg E. Lindberg, the Northstar Financial Services (Bermuda) owner previously convicted on counts of wire fraud and bribery, was convicted of bribery by a federal jury in May 2024, according to a Department of Justice press release. Linberg also stands accused of charges of defrauding annuity investors out of $2 billion, having been indicted for the $2 billion fraud scheme in 2023.
The report indicates that Linberg, chair of Eli Global and owner of Global Bankers Insurance, and consultant John D Gray set up a scheme to bribe a North Carolina Insurance Commissioner through a $250,000 contribution to the Commissioner's re-election campaign, in exchange for the Commissioner taking certain actions to favor Linberg's Global Bankers Insurance Group.
According to prosecutors, Linberg attempted to conceal his bribery scheme by forming an independent expenditure committee, which he funded with $1.5 million.
Linberg's previous conviction for devising a scheme to defraud American citizens pertained to Northstar (Bermuda), whose 2021 bankruptcy and liquidation resulted in significant losses to investors. That previous conviction was overturned in 2022.
FINRA-member broker-dealers that offered Northstar Financial Services (Bermuda) products include SunTrust Investment Services, Bankoh Investment Services, and Ocean Financial Services. Some products offered by Northstar include Global VIP Elite, Global Advantage Plus Series, Global Index Product, Global Advantage Select, and Global Interest Accumulator,
Due to several red flags concerning Northstar's disclosed noncompliance of securities laws and other risky attributes, investing in Northstar (Bermuda) may have been unsuitable for retail customers, especially clients whose risk tolerance skewed low/conservative to moderate.
If you invested with Northstar Financial Services (Bermuda), Greg E Lindberg, or with any broker or investment adviser who unsuitably recommended you invest in a Northstar product that has since proven harmful to your interests, such as financial losses incurred as a result of Northstar's liquidation, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.