US EditionGuilty Plea in $380 Million Ponzi Scheme, Feds Say
Todd Burkhalter defrauded over 2,000 investors with false collateral and promises of 10% quarterly returns in a $380 million scheme, prosecutors said.
- Wednesday in Atlanta, Todd Burkhalter, 54, founder and CEO of Drive Planning LLC, pleaded guilty to federal wire fraud over a $380 million Ponzi scheme prosecutors said is likely Georgia's largest.
- He promoted two offerings, the 'Real Estate Acceleration Loan' and the 'CORE Fund', using fake collateral sheets and a well-known Atlanta developer's name to deceive investors.
- Court records show extravagant purchases including a $2.1 million condo and a $2 million yacht, while prosecutors will recommend about 17 and a half years in prison for Todd Burkhalter, U.S. Attorney Theodore Hertzberg said.
- A court-appointed receiver is now seeking to recover assets for victims; Kenneth D. Murena is selling Burkhalter's assets while authorities urged more victims to contact the FBI.
- From September 2020 through June 2024, Burkhalter defrauded more than 2,000 victims despite officials condemning the operation, with sentencing for David Bradford scheduled later this year.
28 Articles
28 Articles
Georgia man pleads guilty to $380 million Ponzi scheme
A Georgia man pleaded guilty to wire fraud in US federal court on Wednesday after engineering “the largest Ponzi scheme in Georgia history,” defrauding over 2,000 investors of over $380 million. The US Attorney’s Office for the Northern District of Georgia released a statement explaining how Todd Burkhalter was the mastermind behind financial advisory group “Drive Planning LLC” (Drive). Burkhalter marketed two main investment opportunities under…
Fox Business
The New York LedgerCEO pleads guilty in massive $380M Ponzi scheme that bankrolled luxurious lifestyle
The CEO of a financial advisory empire accused of masterminding Georgia’s largest Ponzi scheme to fund a life of opulent extravagance has pleaded guilty to "shamelessly" bilking investors out of a staggering $380 million, authorities announced Wednesday.The U.S. Attorney's Office for the Northern District of Georgia said 54-year-old Todd Burkhalther, founder of Drive Planning LLC, defrauded more than 2,000 people between September 2020 and June …
Financial group CEO Todd Burkhalter admits to running $380M Ponzi scheme — largest in Georgia history — to fund lavish lifestyle
Florida financial advisor Todd Burkhalter pleaded guilty of running the largest Ponzi scheme in Georgia's history to fund a lavish lifestyle, which included purchasing a yacht, a multi-million-dollar condo in Mexico, luxury vehicles, jewelry, and chartering private jets.
Associated Press News
Federal prosecutors in Georgia announce guilty plea in Ponzi scheme that bilked investors of $380M
A financial adviser in Georgia has pleaded guilty in a Ponzi scheme that bilked more than 2,000 people out of $380 million.
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