Man expected to plead guilty to running Ponzi scheme

A Salisbury man accused of running a Ponzi scheme pleaded guilty in federal court Thursday.

John Bridges pleaded to two charges, money laundering and securities fraud.  He's accused of conning people and charities out of millions.  Prosecutors said Bridges came up with a fake business, Logan Investments, talked people into investing in an imaginary oil company in Texas, and spent their money-- roughly $2.3 million-- on himself instead.

One of Bridges's victims was the North Carolina Transportation Museum's fund-raising arm.  He used to sit on the board of the museum's foundation and allegedly stole $600,000 to keep his scheme going.  That group got its money back; other victims may not.

"We will never see that money again.  No.  He borrows from the rich, gives to the poor.  Borrows from the poor, gives to the poor.  We'll never see the money again.  There are many, many victims that you'll never know about," Jo Ann Christenbury Jones and Sherry Austin said.

Bridges does not have a sentencing date yet.  

He faces up to 30 years in prison.