Trio sentenced in possibly the biggest Ponzi scheme in Georgia history
Burkhalter received the maximum sentence after prosecutors said he used investor money for payouts, commissions and luxury purchases.
- On Friday, U.S. District Judge Tiffany Johnson sentenced Todd Burkhalter, CEO of Drive Planning, to 20 years in prison for wire fraud after he defrauded more than 2,000 investors of roughly $380 million.
- Burkhalter operated Drive Planning as a Ponzi scheme, falsely promising investors a 10% rate of return on Real Estate Acceleration Loans while using new investor funds to pay commissions and existing clients.
- Judge Johnson noted Burkhalter spent investor funds on a $2 million yacht and more than $300,000 in clothing while victims lost retirement savings; prosecutors recommended 17 years, but Johnson imposed the maximum 20-year term.
- Earlier this week, a federal judge sentenced Drive Planning employees David Bradford and Julie Edwards to prison, ordering Bradford to pay more than $4.2 million and Edwards $630,000 in restitution.
- In a separate civil action, the SEC charged managing partner Gerry Linarducci with securities fraud violations, while investor Rachael Williamson filed a class action lawsuit alleging Linarducci encouraged countless people to invest in the scheme.
24 Articles
24 Articles
Judge sentences Drive Planning CEO to 20 years for $380M Ponzi scheme
A federal judge sentenced Todd Burkhalter, the former CEO of Drive Planning LLC, to the maximum allowable 20 years in prison for orchestrating a Ponzi scheme that defrauded more than 2,000 investors of approximately $380 million.
Henry Herald
Trio sentenced in possibly the biggest Ponzi scheme in Georgia history
ATLANTA — A Florida man will spend 20 years in federal prison after pleading guilty in connection with a Ponzi scheme that bilked more than 2,000 investors out of about $380 million. U.S. District Judge Tiffany R. Johnson sentenced Todd…
NJ man pleads guilty to ‘Ponzi-like’ scheme that defrauded nearly 100, including other Orthodox Jews, of more than $47 million
Leor Moshe, 43, an Orthodox Jew from Lakewood, N.J., faces up to 20 years in prison and $250,000 in fines after pleading guilty to wire fraud in a scheme that defrauded more than 97 people of more than $47 million in a “Ponzi-like investment scheme,” Robert Frazer, U.S. attorney for the District of New Jersey, said on Thursday.“The defendant turned the trust of his own religious community into a tool for fraud, exploiting personal relationships …
Georgia Republican gets 20 years over Ponzi scheme
The Atlanta Journal Constitution reports a Republican candidate for local city council got sentenced after running what prosecutors described as “Georgia’s largest Ponzi scheme.”U.S. District Judge Tiffany Johnson sentenced Todd Burkhalter, 55, to 20 years in prison on Friday after he plead guilty to wire fraud. Burkhalter is primarily responsible for defrauding more than 2,000 investors out of around $380 million through his Alpharetta investme…
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