Drive Planning CEO Todd Burkhalter Orchestrates $380M Ponzi Scheme to Buy a Yacht, Luxury Cars, Condos

In what could be the largest Ponzi scheme in the state of Georgia, the CEO of financial advisory firm Drive Planning, Todd Burkhalter, recently pleaded guilty in court to defrauding clients of approximately £380 million ($380 million) through a scheme designed to fund an extravagant lifestyle.

Burkhalter swindled the money from more than 2,000 clients between 2020 and 2024. He used the proceeds to purchase luxury items, including a $2 million (£1.4 million) yacht and a $2.1 million (£1.5 million) luxury condo in Mexico. According to a press release from the US Department of Justice, he also spent $800,000 (£592,772) on luxury vehicles, $320,000 (£237,108) on clothing and jewellery, and millions more on luxury travel.

Insights Into the Massive Scam

Under the leadership of the 54-year-old CEO, Drive Planning promoted multiple investment opportunities, notably the Real Estate Acceleration Loan (REAL) and the Cash Out Real Estate Fund (the 'CORE Fund'), which purportedly aimed to attract non-accredited investors.

REAL was the primary investment vehicle. Burkhalter encouraged clients to invest money from savings, pensions, and retirement accounts. He marketed REAL as a bridge loan opportunity that would deliver a guaranteed 10% return every three months. The company claimed that REAL provided short-term financing to real estate developers needing immediate cash to complete projects or fund new developments. The CEO even falsely claimed that investments were fully collateralised by real estate, producing fraudulent 'collateral sheets' for properties, some of which did not exist.

Similarly, Drive Planning falsely asserted that the CORE Fund offered '100% passive income from tax liens,' with a guaranteed return of 10% every six months, equating to 22% annually, for up to three years. The company further misrepresented that investor contributions—amounting to $4.1 million (£3 million)—were pooled, government-protected, and fully collateralised.

The scheme extended to advertising efforts, including a notable payment of $400,000 (£296,386) to the Tampa Bay Rays baseball team to feature behind home plate, which Burkhalter shared on his social media accounts. The team has since been ordered to return half of this amount as part of a court settlement, according to reports.

CEO Continued to Defraud Despite Ongoing Investigation

US Attorney Theodore Hertzberg described the scam as 'likely the largest Ponzi scheme in Georgia history.' He expressed disbelief that Burkhalter 'shamelessly' continued to defraud victims despite being under federal investigation.

Even after the US Securities and Exchange Commission (SEC) began investigating Drive Planning in March 2024, Burkhalter persisted in soliciting millions of dollars in investments for the REAL and CORE funds. He now faces a potential prison sentence of 17 and a half years following a plea deal with prosecutors. The exact date of his sentencing has yet to be determined.

Drive Planning's former chief financial officer, David Bradford, also pleaded guilty to conspiracy to commit wire fraud, with his sentencing scheduled for 17th March.

Special Agent in Charge of the FBI Atlanta, Paul Brown, stated, 'The FBI will continue to aggressively pursue those who weaponise fraud and deception against investors, and we are committed to holding them fully accountable and seeking justice for every victim harmed.'