Jeffrey Tuggle, 45 of Lynchburg, Virginia, waived his right to indictment and instead pleaded guilty to a four-count Information Friday, including two counts of tax fraud, one count of wire fraud and one count of failing to file a tax return in connection with an investment scheme that cost 19 investors some $400,000. According to prosecutors, between 2004 and 2006, Tuggle devised a Ponzi scheme that promised potential investors returns of between 30-40 percent. He told investors that he was working with a group of lawyers to provide their clients with immediate money based on legal claims. Tuggle reportedly spent the investor funds on a gambling habit. He faces up to 27 years in prison, plus fines and restitution.
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