• 59°

Bridges pleads guilty in $2.3 million fraud

By Nathan Hardin
nhardin@salisburypost.com
CHARLOTTE — John Knox Bridges, accused of running a $2.3 million Ponzi scheme fraud, pleaded guilty in federal court Thursday morning.
Bridges, of Salisbury, faces between 57 and 71 months in prison. He pleaded guilty to money laundering and securities fraud.
As a part of the agreement, Bridges will have to pay “full restitution.” His cooperation with prosecutors will lead them to ask for a lower sentence, despite the two charges carrying a structured-sentence maximum of 30 years.
Sentencing typically takes at least six months after a plea is entered, according to the U.S. Attorney’s Office.
The plea was signed and handed in this morning in front of United States Magistrate Judge David Keesler.
Bridges was accused of taking $600,000 from the North Carolina Transportation Museum Foundation in Spencer while he was a board member, but Bridges later reimbursed the organization.
Roy Johnson, president of the foundation, said he’s glad to see some a conclusion to the crime.
“We’re satisfied that he’s finally admitted to what he’s done and that he’s going to be punished accordingly and make restitution to everybody like he did us,” Johnson said Thursday.
[0x14]Foundation members spoke with investigators more than a year and a half ago, Johnson said, answering questions and handing over paperwork.
Punishing Bridges for the “emotional toll,” Johnson said, is difficult to determine.
But Johnson said he believes the court sees the restitution of victims as the biggest priority.
“It’s hard for me to equate years in prison with the damage that was done,” Johnson said. “I think we’re all still shocked that Knox was able to be capable of what he did and that he did it to so many people.”
Contact reporter Nathan Hardin at 704-797-4246.
Twitter: twitter.com/postcrimebeat
Facebook: facebook.com/Crime.SalisburyPost

Comments

Comments closed.

Ask Us

Ask Us: What programs exist for litter cleanup?

Business

County begins accepting restaurant grant applications

Crime

Blotter: Salisbury man charged with nine more felony sex offenses

Nation/World

Biden team readies wider economic package after virus relief

Nation/World

Spacewalking astronauts prep station for new solar wings

Nation/World

Cuomo sorry for remarks aide ‘misinterpreted’ as harassment

Nation/World

Trump calls for GOP unity, repeats lies about election loss

Education

Rowan County administers 700 vaccines, with majority going to local educators

Crime

Shoplifting at Walmart presents challenge for Salisbury police

Local

Commissioners will hear details about changes to solar energy policies

Business

After overcoming obstacles, local barber Daniel King earns registered status

Lifestyle

39th annual K12 student exhibitions go virtual

Business

Biz Roundup: Chamber of Commerce to host ‘Salute to Agri-Business’ at March Power in Partnership

Local

Local legislators back bills ranging from new restrictions on sex offenders to Holocaust education

News

After surviving COVID-19 scare, Lois Willard set to celebrate 100th birthday

High School

Carson rolls over South 41-0 as about 600 allowed in to see season opener for both

Education

East Spencer after-school program looks toward opening, nonprofit status

Lifestyle

Frank Ramsey inducted into the NC Military Veterans Hall of Fame

College

Livingstone’s Stoutamire inducted into 2021 CIAA Hall of Fame

Nation/World

J&J’s 1-dose shot cleared, giving US 3rd COVID-19 vaccine

Coronavirus

13 deaths reported in Rowan, county stresses need to receive second dose

Coronavirus

10% of Rowan residents receive first dose; eight COVID-19 deaths reported this week

News

North Carolina State Highway Patrol commander to retire

Education

UNC School of the Arts may go for online learning due to COVID-19 spread