Georgia Financial Advisor Pleads Guilty To Wire Fraud In $380 Million Ponzi Scheme
ATLANTA, Georgia – Todd Burkhalter, founder and chief executive officer of Georgia-based Drive Planning LLC, has pleaded guilty to wire fraud after federal prosecutors uncovered a years-long Ponzi scheme that defrauded more than 2,000 investors out of approximately $380 million.
Federal authorities say Burkhalter used investor funds to bankroll an extravagant lifestyle while falsely promising safe, high-return investment opportunities. Prosecutors described the case as likely the largest Ponzi scheme ever prosecuted in Georgia.
According to court records, between September 2020 and June 2024, Burkhalter directed Drive Planning to market multiple investment products, including the Real Estate Acceleration Loan (REAL) and the Cash Out Real Estate Fund (CORE Fund). Investors were told the opportunities were simple, low-risk, and suitable for retirement accounts, savings, and lines of credit. In reality, prosecutors say the investments were built on lies.
REAL, the firm’s primary offering, was promoted as a bridge-loan program that guaranteed investors a 10% return every three months and claimed to be fully backed by real estate collateral. Investigators determined those claims were false. Burkhalter allegedly directed employees to create fraudulent collateral documents listing properties with fictitious values, including properties that did not exist.
The CORE Fund was similarly misrepresented as a tax-lien investment guaranteeing returns of up to 22% annually. Prosecutors say Drive Planning stopped investing money into the CORE Fund by late 2022, yet continued collecting millions from new investors without disclosing that fact.
Instead of funding real estate projects, Burkhalter used investor money to repay earlier investors, pay commissions, and cover personal expenses. Federal filings show he spent roughly $2 million on a yacht, more than $2 million on a luxury condominium in Cabo San Lucas, hundreds of thousands on high-end vehicles, private jet travel, and more than $300,000 on clothing, jewelry, and cosmetic treatments.
Even after the Securities and Exchange Commission began investigating Drive Planning in early 2024, Burkhalter allegedly continued soliciting tens of millions of dollars from investors.
In August 2024, the SEC obtained a temporary restraining order against Drive Planning and initiated civil enforcement actions. A court-appointed receiver is now attempting to recover assets to repay victims.
The criminal case was investigated by the Federal Bureau of Investigation, with assistance from the SEC. Burkhalter’s former chief operating officer, David Bradford, previously pleaded guilty to conspiracy to commit wire fraud in connection with the CORE Fund.
Burkhalter, 54, of St. Petersburg, Florida, will be sentenced at a later date by U.S. District Judge Tiffany R. Johnson. Under a plea agreement, prosecutors have agreed to recommend a sentence of 17½ years in prison, though the judge is not required to follow that recommendation.
