More than 2,000 investors poured hundreds of millions of dollars into what prosecutors said was a massive Ponzi scheme. The man behind it used investor money to fund yachts, luxury vehicles, private jets and a multimillion-dollar condo before receiving the maximum federal sentence.
Between September 2020 and June 2024, prosecutors said 55-year-old Todd Burkhalter operated a massive Ponzi scheme through Georgia-based financial advisory company Drive Planning LLC, defrauding more than 2,000 investors out of approximately $380 million.
Burkhalter was the founder and chief executive officer of Drive Planning.
According to prosecutors, the company marketed several investment opportunities, including the Real Estate Acceleration Loan, known as REAL, and the Cash Out Real Estate Fund, known as the CORE Fund.
Investors were encouraged to use money from retirement accounts, savings and lines of credit to participate.
REAL was marketed as a bridge loan investment that supposedly guaranteed investors a 10% return every three months.
Drive Planning claimed investor funds were being used to provide short-term loans to real estate developers and told investors their money was fully secured by real estate.
Prosecutors said those claims were false.
Burkhalter allegedly directed employees to create fraudulent collateral sheets listing properties with fictitious values. Some of the properties did not even exist.
Drive Planning also promoted an alleged relationship with a well-known Atlanta real estate developer and falsely claimed certain investments were secured by properties within the developer’s portfolio.
The developer later learned its name was being used and sued Drive Planning and Burkhalter.
The CORE Fund was marketed as an investment involving tax liens and promised returns of 10% every six months or 22% annually for up to three years.
Prosecutors said Drive Planning stopped investing any money in the CORE Fund after approximately December 9, 2022, but still received at least $4.1 million from people seeking to invest in it.
Authorities said REAL operated as a Ponzi scheme from the beginning.
After receiving its first $50,000 REAL investment in September 2020, Burkhalter allegedly used at least $21,000 to repay an earlier investor.
Prosecutors said none of the REAL investment money was used for its stated purpose of financing bridge loans or entering joint ventures with real estate developers.
Within the first few months, Burkhalter allegedly used at least $80,000 in investor money to pay his ex-wife’s attorneys and expenses involving recreational vehicles.
As the scheme continued, investor money was allegedly used to pay earlier investors, commissions to Drive Planning agents and Burkhalter’s personal expenses.
Prosecutors said Burkhalter spent approximately $2 million on a yacht, $2.1 million toward a luxury condominium in Cabo San Lucas, Mexico, $800,000 on luxury vehicles, millions on luxury travel and private jets, and $320,000 on clothing, jewelry and beauty treatments.
In approximately March 2024, the Securities and Exchange Commission began investigating Drive Planning.
Despite the investigation, prosecutors said Burkhalter and others continued soliciting tens of millions of dollars from investors.
In August 2024, the SEC obtained a temporary restraining order against Drive Planning and filed civil enforcement actions related to the scheme.
On August 14, 2026, Burkhalter was sentenced to 20 years in federal prison, the maximum sentence allowed by law, followed by three years of supervised release.
He was also ordered to pay $233,777,763.82 in restitution to victims.
Two other Drive Planning executives were sentenced earlier that week.
53-year-old former chief operating officer David Bradford was sentenced to four years and three months in federal prison after pleading guilty to conspiracy to commit wire fraud in connection with the CORE Fund scheme. He was also ordered to pay $4,297,878.16 in restitution.
59-year-old former chief administrative officer Julie Edwards was sentenced to two years in federal prison after pleading guilty to laundering proceeds from the Ponzi scheme. She was ordered to pay $630,000 in restitution.
All three federal prison sentences will be served without the possibility of parole.
