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.

FMI: www.nced.uscourts.gov