A Georgia financial adviser admitted Wednesday to orchestrating the largest Ponzi scheme in state history, defrauding more than 2,000 investors of $380 million to finance a lavish lifestyle of yachts, luxury condos and private jets.
Todd Burkhalter of St. Petersburg, Florida, pleaded guilty to wire fraud in federal court. He founded Drive Planning LLC, an Alpharetta-based financial advisory firm that operated the scheme from September 2020 through June 2024.
Prosecutors revealed Burkhalter marketed fraudulent investment programs that promised outsized returns. His “Real Estate Acceleration Loan” program guaranteed investors 10% returns every three months, while the “Cash Out Real Estate Fund” promised 22% annual returns for up to three years.
Burkhalter falsely claimed these investments were backed by real estate holdings or government protections. Investigators discovered he fabricated lists of imaginary properties with inflated valuations to present as collateral, according to a Securities and Exchange Commission complaint filed in August 2024.
The scheme targeted ordinary investors whom Burkhalter encouraged to drain retirement accounts, savings and home equity lines of credit. He told prospective victims the investments were “easy and simple” and did not require accredited investor status.
Burkhalter used the stolen funds to purchase a $2 million yacht, a $2.1 million condominium in Cabo San Lucas, Mexico, and luxury vehicles including Land Rovers. He also chartered private jets, bought expensive clothing and jewelry, and funded beauty treatments.
“Todd Burkhalter built a massive Ponzi scheme on lies, exploiting trust to steal hundreds of millions of dollars from more than 2,000 victims while funding an extravagant lifestyle,” said Paul Brown, special agent in charge of FBI Atlanta.
US Attorney Theodore Hertzberg noted Burkhalter’s brazen conduct continued even after federal scrutiny began.
“Unbelievably, Burkhalter shamelessly continued to scam his victims even while under federal investigation,” Hertzberg said at a news conference announcing the guilty plea.
The SEC launched an investigation into Drive Planning in March 2024, but Burkhalter continued accepting tens of millions of dollars from new investors through June.
David Bradford, Drive Planning’s former chief operating officer, also pleaded guilty to conspiracy to commit wire fraud. His sentencing is scheduled for March 17, 2026.
Under the plea agreement, prosecutors will recommend a 17.5-year prison sentence for Burkhalter. A court-appointed receiver is working to recover assets and repay victims, though authorities acknowledge most investors will likely never recover their losses.
Federal officials urged additional victims to contact the FBI, noting they believe more people may have been defrauded.
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