Investment Firm Executive Lindberg Admits $2 Billion Fraud (2)

North Carolina investment firm founder Greg Lindberg, already convicted this year on bribery charges, pleaded guilty to a separate $2 billion fraud.

Lindberg, who founded Eli Global LLC, admitted in federal court in Charlotte on Tuesday that he bought a string of insurance companies in the past decade and then improperly invested nearly $2 billion. He defrauded thousands of policyholders to support a lavish lifestyle, prosecutors said. His plunder spurred one of the biggest individual fraud cases in the US.

Greg Lindberg

Source: Send2Press/AP Photo

Prosecutors said Lindberg used some of the money to pay for personal expenses like his credit cards, ...