A financial advisor named Todd Burkhalter has admitted to running one of Georgia’s largest Ponzi schemes, costing over 2,000 victims a staggering $380 million. His lavish spending included a yacht, a luxury condo in Mexico, high-end cars, and private jet charters.
Burkhalter, who founded Drive Planning LLC in Alpharetta, Georgia, misled investors between September 2020 and June 2024, promising simple and lucrative returns. He touted two main investment options that he claimed were safe and profitable: the “Real Estate Acceleration Loan” (REAL) and the “Cash Out Real Estate Fund” (CORE Fund).
Each investment supposedly offered guaranteed returns—10% every three months or 22% annually. However, Burkhalter deceived investors, telling them their money was backed by real estate. In reality, he created fake documents to support his claims, often pretending his investments were tied to reputable real estate developers.
Many found these promises too good to be true. According to a recent survey by the North American Securities Administrators Association, nearly 90% of investors are unaware of common scams and the red flags to look out for. This is alarming, given the rise in investment fraud, especially during turbulent economic times.
Burkhalter didn’t just pocket the money; he lived extravagantly. He spent millions on luxury purchases—$2 million on a yacht, and between cars and travel, his expenses soared. He even misused funds to pay legal fees related to his divorce.
Despite being under federal investigation, Burkhalter continued to take money from unsuspecting investors until the scheme collapsed in September 2024, after the SEC began looking into Drive Planning.
While Burkhalter has pleaded guilty, he faces a lengthy prison sentence of 17.5 years. His former associate, David Bradford, also pleaded guilty to conspiracy for his role in the scheme, highlighting how these scams can often involve multiple players.
The ongoing conversation on social media reflects a mix of shock and outrage regarding financial fraud. Many victims share their stories, warning others and urging vigilance.
This case serves as a stark reminder to be cautious with investments. As financial scams become more sophisticated, understanding how to recognize the signs of fraud is crucial for everyone.
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