Georgia monetary CEO Todd Burkhalter sentenced for working historic $380M Ponzi scheme to fund lavish life-style

A Georgia monetary advising CEO was sentenced Friday to twenty years behind bars for masterminding a $380 million Ponzi scheme to fund his lavish life-style of yachts, non-public jets and luxurious buying.

Todd Burkhalter, the founding father of Atlanta-area Drive Planning LLC, orchestrated one among Georgia’s largest schemes and stole thousands and thousands from over 2,000 buyers within the years-long con.

Burkhalter, 59, was ordered to serve twenty years in federal jail by US District Court Judge Tiffany R. Johnson, whereas two of his executives had been sentenced to lower than 5 years for his or her roles this week.

Burkhalter’s attorneys had requested for a 14-year sentence whereas federal prosecutors beneficial 17 and a half years as a part of a plea deal again in January.

“Todd Burkhalter organized what is likely the largest Ponzi scheme in Georgia history to fund an extravagant lifestyle. He even continued to exploit victims while under federal investigation,” Special Agent in Charge of FBI Atlanta Marlo Graham mentioned.

The Florida govt had pleaded to wire fraud costs following a years-long investigation into the shady ventures.

Between September 2020 and June 2024, Drive Planning marketed funding alternatives to potential buyers to safe almost $400 million in funds, even instantly utilizing the cash to repay early buyers.

Burkhalter then used the pool of money for high-end private spending, together with shopping for a $2 million yacht, a $2.1 million rental in Cabo San Lucas, Mexico, dropped $800,000 on automobiles, together with a motorcoach and two Land Rovers.

He additionally spent thousands and thousands on luxurious journey, chartering non-public jets, $800,000 to pay his ex-wife’s lawyer and one other $320,000 on clothes, jewellery, and sweetness remedies.

Two of the funding choices pushed on victims had been the “Real Estate Acceleration Loan” alternative (“REAL”) and the “Cash Out Real Estate Fund” (“CORE Fund”)

Burkhalter and crew claimed the investments had been “easy and simple,” and inspired their victims to make use of cash from retirement accounts, financial savings, and contours of credit score.

REAL was the first funding car Burkhalter used within the scheme as brief term-loans – bridge loans – whereas CORE Fund was promised to offer “100% Passive Income from Tax Liens.” 

“Burkhalter and Drive Planning deceived investors into believing their investments were safe by claiming they were fully collateralized by real estate,” the Northern Georgia US Attorney’s Office mentioned. “To perpetuate these lies, Burkhalter directed Drive Planning to prepare fraudulent ‘collateral sheets’ identifying properties—some of which did not even exist— with fictitious valuations that purportedly served as collateral for investments.”

Drive Planning COO David Bradford helped Burkhalter within the CORE Fund ruse that stole $4.1 million from buyers

Bradford, a 53-year-old pastor and father of six, pleaded responsible in December to conspiracy to commit wire fraud.

He was sentenced to 4 years behind bars and was ordered to pay $4,297,878.16 in restitution to victims, a few of whom he had met in church.

Bradford branded himself a “coward” for being part of the scheme.

 “I participated in that fraud and I benefited from it, and there’s no excuse for what I did. I deceived myself and, in turn, I deceived the people who trusted me,” he mentioned throughout his sentencing listening to.

Drive Planning Chief Administrative Officer Julie Edwards was sentenced to 2 years in federal jail for her position within the scheme of laundering proceeds and used $630,000 of the buyers’ funds to buy a house in Cumming, Ga.

All three con artists will face three years of supervised launch after their jail sentences.