- Todd Burkhalter, CEO of Drive Planning, was sentenced to 20 years in prison for orchestrating what authorities describe as "likely the largest Ponzi scheme in Georgia history."
- Burkhalter defrauded over 2,000 investors of nearly $400 million from September 2020 to June 2024 through Drive Planning.
- The scheme continued even while under federal investigation by the SEC and FBI.
- Earlier this week, two other executives from Drive Planning, David Bradford and Julie Edwards, were also sentenced in connection with the scheme.
- Burkhalter was ordered to pay over $230 million in restitution to victims.
- Burkhalter's scheme involved lavish purchases, including a $2 million yacht and a $2.1 million luxury condo in Cabo San Lucas, Mexico.
- The SEC had previously obtained a temporary restraining order and civil enforcement actions against Drive Planning and others related to the scheme.
- Burkhalter's fraudulent activities included misleading investors about the investment products offered by Drive Planning, such as the Real Estate Acceleration Loan and the Cash Out Real Estate Fund.
Todd Burkhalter, 55, was convicted for leading a Ponzi scheme that defrauded over 2,000 investors from September 2020 to June 2024, amassing nearly $400 million. Prosecutors revealed he used the funds for lavish purchases, including a $2 million yacht and a $2.1 million luxury condo in Cabo San Lucas.126
According to Georgia U.S. Attorney Theodore Hertzberg, Burkhalter lured investors with promises of guaranteed returns, urging them to deplete college funds and borrow at high interest rates. He continued his fraudulent activities even while under federal investigation, as noted by FBI Special Agent Marlo Graham, who stated, "Todd Burkhalter organized what is likely the largest Ponzi scheme in Georgia history to fund an extravagant lifestyle."3
Burkhalter's company, Drive Planning, marketed several investment opportunities, including the “Real Estate Acceleration Loan” and the “Cash Out Real Estate Fund”, falsely claiming substantial returns. Investigators found that the company prepared fake collateral sheets to deceive investors and misrepresented its relationships with developers.8
In addition to Burkhalter's sentence, two other executives were also sentenced: David Bradford received four years for conspiracy, while Julie Edwards was sentenced to two years for laundering proceeds. Burkhalter's total restitution order stands at $233,777,763.82.4
“Burkhalter used investor funds for a $2 million yacht, a $2.1 million Cabo condo, and $800,000 in vehicles. Two other executives, David Bradford and Julie Edwards, were also sentenced this week for their roles in the scheme.”
upi.com
WSB-TV
