Sat, Feb 11, 2012
Will Face Up To Four Years In Prison, Fines And
Restitution
John Knox Bridges, who had been accused of defrauding dozens of
people and organizations including the Lindbergh Foundation, the
N.C. Transportation Museum, and a well known fresco artist, has
agreed to plead guilty to federal fraud charges in an elaborate
Ponzi scheme which brought him over $2.3 million. He reportedly
spent the money on himself.
Bridges, who at one time had been the president of the Lindbergh
foundation, had allegedly absconded with hundreds of thousands of
dollars belonging to artist Ben Long, the North Carolina
Transportation Museum, and the Lindbergh Foundation. The
Charlotte Observer reported in 2009 that he had repaid the
$600,000 he was accused of embezzling from the Lindbergh Foundation
after being removed as its president. He'd been sued by Long, who
accused him of taking over $800,000 under false pretenses. That
lawsuit was settled.
The paper now reports that Bridges has agreed to plead guilty to
securities fraud and money laundering in an investment scheme in
which he said he would invest in a Texas oil company. He used the
money instead to pay for travel and other personal indulgences.
Bridges had attempted suicide in August of last year by shooting
himself in the torso. He survived, and two weeks later was indicted
by a federal grans jury.
With the guilty plea, Bridges faces as few as 57, and as many as
71 months in prison. He will also be ordered to pay restitution to
his victims, though many of them told the paper they had little
hope of getting their money back.
No date for sentencing has been set.
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