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SALISBURY -- A Salisbury man accused of running an elaborate Ponzi scheme appeared in federal court Thursday. John Knox Bridges pleaded guilty to securities fraud and money laundering.

Last year, federal authorities charged the 51-year-old with fraudulently obtaining more than $2 million while running his Ponzi scheme on individuals and charitable groups. While he's agreed to pay full restitution, his victims say they don't believe they'll get their money back.

"We will feel better when he is sentenced to the maximum they can give him because he's dangerous to people," said Sherry Austin, a victim. "As soon as the paper did the first article on him, he went right up to Linville, N.C. and started it again. He will start it again the day he gets out."

Bridges faces a maximum jail time of 30 years.