ATLANTA - A former Georgia-based financial consultant pleaded guilty to crimes connected to a Ponzi scheme, federal prosecutors said.
Former Drive COO pleads guilty
What we know:
David Bradford, the former chief operating officer of the Georgia-based financial advisory group Drive Planning LLC, pleaded guilty Tuesday to conspiracy to commit wire fraud arising from a multiyear Ponzi scheme that defrauded investors of millions of dollars.
Alleged Drive Ponzi scheme
The backstory:
According to the U.S. Attorney's Office, Drive Planning marketed several investments, including the "Cash Out Real Estate Fund," as "easy and simple." The company advised prospective investors that the fund provided "100% passive income from tax liens" from late 2021 until about June 2024. Drive Planning guaranteed investors a return of 10% every six months or a 22% return per year for up to three years. As part of the scheme, Bradford created a marketing brochure to promote the CORE Fund, which was shared with Drive Planning’s sales agents to solicit investors, prosecutors said.
In total, Drive Planning received at least $4.1 million from CORE Fund investors, but prosecutors said the company never invested money in the funds after Dec. 9, 2022. Instead, the investors’ money went toward paying off other Drive Planning investors, making commission payments to Drive Planning’s agents, and paying for personal expenditures.
In August 2024, the Securities and Exchange Commission obtained a temporary restraining order against Drive Planning and filed separate civil enforcement actions against Drive Planning and others in the U.S. District Court for the Northern District of Georgia related to the scheme.
Bradford sentencing
What's next:
Sentencing for David Bradford, 53, of Peachtree Corners, is scheduled for March 17, 2026, at 11 a.m. before U.S. District Judge Tiffany R. Johnson.
Drive founder also charged
Dig deeper:
The founder of Drive Planning, Todd Burkhalter, still faces charges in connection with the scheme. The SEC says Burkhalter sold unregistered securities in the form of "real estate acceleration loans," which Burkhalter described as a "bridge loan opportunity promising 10% in three months."
According to court records, Burkhalter will be back in court on Jan. 14.
FOX 5 Atlanta tried to contact Burkhalter and his attorney for an interview or a statement when we first reported on the case. We have not heard back.
The Source: Information in this article comes from a release sent to FOX 5 by the U.S. Attorney's Office, court documents from the U.S. District Court in the Northern District of Georgia and past FOX 5 reporting.