An American financial group chief executive has admitted to orchestrating the largest Ponzi scheme in Georgia’s history to fund his lifestyle.
Todd Burkhalter, the CEO of Drive Planning LLC., pleaded guilty to defrauding over 2,000 victims for more than $380 million between September 2020 and June 2024, US Attorney Theodore S. Hertzberg said Wednesday.
“Unbelievably, Burkhalter shamelessly continued to scam his victims even while under federal investigation,” Hertzberg said. “Today’s guilty plea is just the first step in holding Burkhalter accountable for the considerable harm he caused.”
The 54-year-old Florida native used the company based in Alpharetta, Ga. — to target several investment opportunities, including the “Real Estate Acceleration Loan” opportunity (“REAL”) and the “Cash Out Real Estate Fund” (“CORE Fund”).
Burkhalter told prospective investors that it was “easy and simple” to invest in the funds and encouraged them to use money from retirement and savings accounts.
Burkhalter used the REAL as Drive Planning’s primary investment vehicle and “fraudulently marketed as a bridge loan” that guaranteed investors a 10% return every three months.
Throughout the scam, Burkhalter profited off investors and loan funds to make personal purchases to fuel his luxury lifestyle.
It was also gathered that he deceived investors by claiming the company was fully collateralized by real estate, and backed the lies by creating bogus “collateral sheets” that identified the properties, some of which never existed.
Burkhalter also exaggerated his relationship with prominent real estate developers around Georgia, falsely claiming the investments were secured by properties in the developer’s portfolio.
The deceitful company falsely claimed it provided “100% Passive Income from Tax Liens” from the CORE Fund and guaranteed investors a return of 10% every six months or a 22% return per year for up to three years.
The company received at least $4.1 million from investors in the CORE Fund.
Prosecutors found Burkhalter’s deceptions began from the inception of Drive Planning, where he used the first $50,000 from REAL to pay off an early investor’s $21,000 in 2020.
Burkhalter used the money he scammed from investors to make lavish personal purchases, including a $2 million yacht, $2.1 million luxury condo in Cabo San Lucas, Mexico, and $800,000 spent on multiple luxury vehicles that included a 2020 Prevost Marathon motorcoach and two 2024 Land Rovers.
Burkhalter also spent millions on luxury travel, chartering private jets and $320,000 on clothing, jewelry and beauty treatments.
Burkhalter’s scam even made it to the Big Leagues, infiltrating the prized sponsorship area behind home plate of Tropicana Field, the home of MLB’s Tampa Bay Rays.
The fraudster paid the team $400,000 to market Drive Planning LLC inside the ballpark.
In June 2024, Burkhalter snapped a photo from a broadcast of the Rays game against the Chicago Cubs showing the bright orange ads behind the batter.
“Keep more, make more and live more,” the Drive Planning advertisement read.
The Rays were forced to return half the money as part of a court settlement, according to ABC Tampa Bay 28.
He would later use at least $80,000 in investor funds to pay off his ex-wife’s attorneys and recreational vehicle expenses.
The Securities and Exchange Commission launched an investigation into the conman’s company in March 2024, but Burkhalter continued taking in tens of millions of dollars through the scheme until September that year.
Prosecutors are seeking a 17½-year prison sentence for Burkhalter as part of his plea deal.
