Florida man sentenced in Georgia’s largest Ponzi scheme stealing $380M from thousands

ATLANTA - The founder of an Alpharetta-based financial advisory firm pleaded guilty Wednesday to federal wire fraud for orchestrating a $380 million Ponzi scheme, a scam prosecutors described as likely the largest in Georgia history.

What we know:

Todd Burkhalter, 54, of St. Petersburg, Florida, admitted to masterminding the years-long scheme through his company, Drive Planning LLC. From September 2020 through June 2024, Burkhalter defrauded more than 2,000 victims, many of whom were encouraged to invest their retirement savings and life insurance proceeds.

Under the terms of a plea agreement, federal prosecutors have recommended a sentence of 17 and a half years in prison.

The scheme centered on two primary investment vehicles: the "Real Estate Acceleration Loan" (REAL) and the "CORE Fund." Prosecutors said Burkhalter promised 10% returns every three months by claiming the money funded bridge loans for real estate developers. To deceive investors, he created fraudulent "collateral sheets" for properties that, in some cases, did not exist.

The U.S. Attorney’s Office revealed that Burkhalter even used the name of a well-known Atlanta real estate developer without permission to bolster his credibility. That developer eventually sued Burkhalter to stop the unauthorized use of their name.

Instead of investing the funds, Burkhalter used the money to pay off earlier investors and fund a lavish lifestyle. Court documents show he spent $2.1 million on a luxury condo in Mexico, $2 million on a yacht, and hundreds of thousands of dollars on luxury vehicles, private jets, and jewelry.

The guilty plea follows a December conviction of David Bradford, the company's former chief operating officer, who is scheduled to be sentenced March 17.

SEE ALSO:

• Former Drive Planning executive pleads guilty in $4.1M Ponzi scheme
• Alpharetta businessman at the center of a $300M Ponzi scheme, federal authorities say

What they're saying:

"Todd Burkhalter built a massive Ponzi scheme on lies, exploiting trust to steal hundreds of millions of dollars," said Paul Brown, special agent in charge of FBI Atlanta. "The FBI will continue to aggressively pursue those who weaponize fraud and deception against investors."

U.S. Attorney Theodore S. Hertzberg noted that Burkhalter "shamelessly continued to scam his victims even while under federal investigation" after the Securities and Exchange Commission began its probe in March 2024.

What's next:

A court-appointed receiver, Kenneth D. Murena, is currently working to recover and sell assets to repay victims. Authorities believe there may be additional victims and are urging them to come forward to the FBI.