Todd Burkhalter
ATLANTA - The founder and CEO of a Georgia-based financial advisory firm has been sentenced to 20 years in federal prison for orchestrating a massive $380 million Ponzi scheme that defrauded thousands of investors.
Drive Planning top executives sentenced
What we know:
55-year-old Todd Burkhalter received the maximum sentence with no parole, plus three years of supervised release.
Burkhalter was ordered to pay more than $233 million in restitution to victims.
Between September 2020 and June 2024, Burkhalter's company, Drive Planning LLC, defrauded more than 2,000 investors out of approximately $380 million through fake real estate and tax lien investment funds.
The company's Chief Operating Officer David Bradford, 53, of Peachtree Corners, was sentenced to four years and three months in prison and ordered to pay nearly $4.3 million in restitution.
Julie Edwards, 59, of Cumming, who served as the company's chief administrative officer, was sentenced to two years in prison and ordered to pay $630,000 in restitution for money laundering.
Federal agents slam firm's actions
What they're saying:
Federal prosecutors and law enforcement slammed Burkhalter's actions, calling the operation one of the most egregious financial frauds in state history.
"Todd Burkhalter lured investors to send millions of dollars to Drive Planning for investments that he knew didn’t actually exist," said U.S. Attorney Theodore S. Hertzberg. "He promised investors that they were guaranteed substantial returns on their investments, and he ruthlessly encouraged them to deplete their kids’ college funds, take early distributions from retirement accounts, and borrow significant sums at high interest rates. The sentences in this case should discourage other financial advisors from choosing insatiable greed and lies over honest investment strategies."
FBI Atlanta Special Agent in Charge Marlo Graham highlighted the scale of the scam, emphasizing that Burkhalter kept stealing from victims even while under federal scrutiny.
"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," Graham said.
How the Ponzi scheme unfolded
The backstory:
According to the U.S. Attorney's Office, the Securities and Exchange Commission first began investigating Drive Planning in March 2024, but prosecutors said Burkhalter and his team continued soliciting tens of millions of dollars from investors during the probe.
In August 2024, the SEC obtained a temporary restraining order freezing Drive Planning's assets and filed civil enforcement actions in federal court to halt the scheme.
Drive Planning was sued by a prominent Atlanta real estate developer after Burkhalter fraudulently used the developer's name and portfolio in promissory notes to convince victims their investments were fully secured.
Authorities said Burkhalter urged clients to drain retirement accounts, borrow money at high interest rates, and deplete college funds while guaranteeing false returns of up to 22% per year.
A court-appointed receiver was put in charge of seizing, managing, and selling off Burkhalter's assets—including the $2 million yacht, luxury vehicles, and Mexico condo—in an ongoing effort to recover money for the more than 2,000 victimized investors.
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What we don't know:
It is unclear how much money court-appointed receivers will ultimately be able to recover and return to victims through asset sales.
The Source: The information in this story came directly from a press release issued by the U.S. Attorney's Office for the Northern District of Georgia, the FBI Atlanta Field Office and previous FOX 5 reports.