ATLANTA, Ga. — The founder and CEO of a Georgia-based financial advisory firm has pleaded guilty to wire fraud in a Ponzi scheme that defrauded more than 2,000 investors out of approximately $380 million, federal authorities announced.
Todd Burkhalter, 54, of Florida, was accused of marketing multiple fraudulent investment schemes through Drive Planning LLC, which prosecutors say is likely the largest Ponzi scheme in Georgia’s history.
According to the U.S. Attorney’s Office, Burkhalter promoted an investment plan claiming to provide short-term loans to real estate developers, promising returns of 10% every three months. Investors were shown falsified “collateral sheets” that purportedly backed these loans with real estate holdings at inflated values.
Authorities said Burkhalter encouraged investors to use retirement accounts, savings, and lines of credit to fund the schemes. The former chief operating officer of Drive Planning has also pleaded guilty in connection with the fraud.
With the stolen funds, Burkhalter allegedly purchased a $2 million yacht, a $2.1 million condo in Mexico, multiple luxury vehicles, private jets, designer clothing, jewelry, and beauty treatments.
“These losses will echo through the lives of these victims long after these defendants receive their well-deserved sentences,” said Aaron Seres, a supervisory special agent with the Atlanta FBI office.
As part of a plea agreement, prosecutors are recommending a prison sentence of over 17 years for Burkhalter. His sentencing hearing is scheduled for March 17.
Authorities said a court-appointed official is attempting to recover victims’ money by liquidating Burkhalter’s assets, but officials cautioned that it is unlikely that all lost funds will be returned.
