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FBI Agent, Source: FBI<\/p>\n
A financial executive from St. Petersburg, Florida, has admitted to orchestrating what federal prosecutors are calling the largest Ponzi scheme in Georgia\u2019s history. Todd Burkhalter, 54, the founder and CEO of the Georgia-based firm Drive Planning LLC, pleaded guilty to wire fraud charges this week, acknowledging he defrauded more than 2,000 investors out of approximately $380 million.<\/p>\n
The scheme, which spanned nearly four years, funded a life of extreme luxury for Burkhalter while wiping out the savings of retirees and small investors.<\/p>\n
READ: ICE Sweeps Maine Targeting 1,400 Suspects As State And Federal Leaders Collide<\/a><\/p>\n According to the plea<\/a> agreement, Burkhalter used Drive Planning to market investment opportunities that promised safety and high returns. Between September 2020 and June 2024, the company solicited hundreds of millions of dollars for its \u201cReal Estate Acceleration Loan\u201d (REAL) program and the \u201cCash Out Real Estate\u201d (CORE) Fund.<\/p>\n Prosecutors revealed that while Burkhalter pitched these funds as “easy and simple” ways for ordinary people to tap into real estate profits, the operation was a classic Ponzi scheme from day one.<\/p>\n \u201cTodd Burkhalter perpetrated what is likely the largest Ponzi scheme in Georgia history,\u201d said U.S. Attorney Theodore S. Hertzberg. \u201cUnbelievably, Burkhalter shamelessly continued to scam his victims even while under federal investigation. Today\u2019s guilty plea is just the first step in holding Burkhalter accountable for the considerable harm he caused.\u201d<\/p>\n READ: Catch Of The Day: Florida Boat Captain Busted Selling \u201cSea Cocaine\u201d In Federal Sting<\/a><\/p>\n Promises of Guaranteed Returns<\/p>\n Drive Planning lured investors\u2014many of whom used retirement accounts or lines of credit\u2014with guarantees of 10% returns every three months. The company claimed the money would fund bridge loans for developers, fully secured by real estate. To keep the money flowing, Burkhalter directed his team to create fake “collateral sheets,” listing properties with made-up valuations. Some of the properties listed as collateral didn’t even exist.<\/p>\n The deception extended to the firm’s professional relationships. Drive Planning falsely touted a partnership with a prominent Atlanta developer, going so far as to issue promissory notes claiming investments were backed by the developer\u2019s portfolio. The developer eventually sued Drive Planning to stop them from using their name.<\/p>\n Yachts, Jets, and Cabo Condos<\/p>\n While investors believed their money was safe in government-protected funds, court documents show the capital was being siphoned off immediately.<\/p>\n READ: Premiums, Pronouns, And Profits: Insurers Go All-In On Activism As Patients Pay The Price<\/a><\/p>\n As early as September 2020, just after receiving the first $50,000 investment for the REAL program, Burkhalter used $21,000 to pay off an earlier investor\u2014a hallmark of Ponzi schemes. Within months, $80,000 of investor funds had been diverted to pay legal fees for his ex-wife and cover costs for recreational vehicles.<\/p>\n As the scheme grew, so did the spending. Investigators detailed a litany of luxury purchases made with stolen funds, including:<\/p>\n $2.1 million toward a luxury condo in Cabo San Lucas, Mexico.<\/p>\n $800,000 on vehicles, including a 2020 Prevost Marathon motorcoach and two 2024 Land Rovers.<\/p>\n $320,000 on jewelry, clothing, and beauty treatments.<\/p>\n Millions spent on private jet charters.<\/p>\n \u201cTodd Burkhalter built a massive Ponzi scheme on lies, exploiting trust to steal hundreds of millions of dollars… while funding an extravagant lifestyle,\u201d said Paul Brown, Special Agent in Charge of FBI Atlanta.<\/p>\n The Fallout<\/p>\n The scheme began to unravel in early 2024 when the Securities and Exchange Commission (SEC) opened an investigation. Despite the scrutiny, Burkhalter and his associates continued to solicit tens of millions of dollars from new victims.<\/p>\n By August 2024, the SEC had secured a restraining order and a receiver, Kenneth D. Murena, was appointed to seize assets and attempt to recover funds for victims.<\/p>\n Burkhalter is not the only executive facing justice. David Bradford, Drive Planning\u2019s former Chief Operating Officer, pleaded guilty to conspiracy to commit wire fraud in December 2025. He is scheduled for sentencing in March 2026.<\/p>\n Under the terms of his plea deal, the government has agreed to recommend a sentence of 17.5 years in federal prison for Burkhalter. However, the final decision rests with U.S. District Judge Tiffany R. Johnson, who will weigh the recommendation against federal sentencing guidelines. A date for Burkhalter\u2019s sentencing has not yet been set.<\/p>\n