Man sentenced for Ponzi scheme

LYNCHBURG, Va. - A Lynchburg man whose Ponzi scheme cost investors $450,000 will spend three years in prison.

Jeffrey Thomas Tuggle pleaded guilty in August to tax fraud, wire fraud and failing to file a tax return. He was sentenced Wednesday in federal court in Lynchburg.

Tuggle told U.S. District Court Judge Norman Moon that he would never do such fraud again. Moon said Tuggle would if he got the chance.

According to court records, the 45-year-old Tuggle told investors between 2004 and 2006 that he was operating a business advancing personal injury awards to lawyers' clients.

Prosecutors said Tuggle gambled away the investors' money.

Tuggle also owes $156,000 to the Internal Revenue Service.