A Georgia financial advising CEO will spend 20 years in federal prison after prosecutors said he masterminded a massive $380 million Ponzi scheme that helped bankroll an extravagant lifestyle filled with yachts, private jets, luxury cars and expensive shopping.
Todd Burkhalter, 59, founder of Atlanta-area Drive Planning LLC, was sentenced Friday after pleading guilty to wire fraud charges tied to what federal authorities described as one of the largest Ponzi schemes in Georgia history.
More than 2,000 investors were allegedly caught up in the years-long operation.
U.S. District Court Judge Tiffany R. Johnson handed Burkhalter the 20-year sentence, going beyond the 17-and-a-half years prosecutors had recommended under a January plea agreement. His attorneys had asked for 14 years.
“Todd Burkhalter organized what is likely the largest Ponzi scheme in Georgia history to fund an extravagant lifestyle,” FBI Atlanta Special Agent in Charge Marlo Graham said.
Authorities said Burkhalter even continued exploiting victims while he was already under federal investigation.
The scheme allegedly operated between September 2020 and June 2024, when Drive Planning promoted investment opportunities that ultimately brought in nearly $400 million.
Instead of putting all that money into legitimate investments, prosecutors said new investor funds were used to pay earlier investors — a classic Ponzi scheme setup.
Meanwhile, Burkhalter allegedly treated the cash pool like a personal bank account.
His spending included a roughly $2 million yacht, a $2.1 million condominium in Cabo San Lucas, Mexico, and approximately $800,000 worth of vehicles, including a motorcoach and two Land Rovers.
Millions more allegedly went toward luxury travel and private jet charters.
Prosecutors said Burkhalter also spent about $800,000 paying his ex-wife’s attorney and another $320,000 on clothing, jewelry and beauty treatments.
The company pushed several investment products, including one called the Real Estate Acceleration Loan, or REAL, and another called the Cash Out Real Estate Fund, known as the CORE Fund.
Investors were told the opportunities were simple and secure.
Some were allegedly encouraged to pull money from retirement accounts, savings or even lines of credit to invest.
REAL was presented as a program involving short-term real estate bridge loans, while CORE Fund was promoted as a way to receive passive income through tax liens.
Federal prosecutors said investors were repeatedly told their money was protected by real estate.
But authorities said some of that supposed collateral was nothing more than fiction.
“Burkhalter and Drive Planning deceived investors into believing their investments were safe by claiming they were fully collateralized by real estate,” the U.S. Attorney’s Office for the Northern District of Georgia said.
Investigators said Burkhalter directed employees to prepare bogus collateral sheets containing properties with fake valuations — and in some cases properties that allegedly did not exist at all.
Burkhalter was not the only Drive Planning executive sentenced.
Chief Operating Officer David Bradford, 53, helped with the CORE Fund operation, which prosecutors said took approximately $4.1 million from investors.
Bradford, a pastor and father of six, pleaded guilty in December to conspiracy to commit wire fraud.
He was sentenced to four years in prison and ordered to pay more than $4.29 million in restitution.
Some of Bradford’s victims were reportedly people he knew through church.
During his sentencing hearing, Bradford admitted his wrongdoing.
“I participated in that fraud and I benefited from it, and there’s no excuse for what I did,” he said. “I deceived myself and, in turn, I deceived the people who trusted me.”
Drive Planning Chief Administrative Officer Julie Edwards was also sentenced for her involvement.
Edwards received two years in federal prison after prosecutors said she helped launder proceeds from the scheme and used roughly $630,000 in investor money to purchase a home in Cumming, Georgia.
Burkhalter, Bradford and Edwards will each face three years of supervised release after completing their prison sentences.
For the thousands of investors who trusted Drive Planning with their savings, authorities say the consequences will last much longer.
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You mean they caught one???