Try what’s clicking on FoxBusiness.com.
The CEO of a monetary advisory empire accused of masterminding Georgia’s largest Ponzi scheme to fund a lifetime of opulent extravagance has pleaded responsible to “shamelessly” bilking buyers out of a staggering $380 million, authorities introduced Wednesday.
The U.S. Legal professional’s Workplace for the Northern District of Georgia stated 54-year-old Todd Burkhalther, founding father of Drive Planning LLC, defrauded greater than 2,000 folks between September 2020 and June 2024.
He reportedly used the stolen funds to constitution personal jets and purchase a yacht, a multimillion-dollar condominium in Mexico, a lavish wardrobe and luxurious autos like Land Rovers and an RV.
The previous trusted advisor of St. Petersburg, Florida, pleaded responsible to wire fraud, based on officers. He’s considered one of two executives, together with the corporate’s former COO, who admitted enjoying a task within the yearslong Ponzi scheme, the lawyer’s workplace stated.
TEXAS COUPLE LABELED FAKE ‘CHIP AND JOANNA GAINES’ ADMITS $5M DREAM HOME RENOVATION SCAM
Todd Burkhalther smiles after a visit by way of Boston, New Hampshire, New Jersey and Philadelphia, based on his Instagram. (@toddburkhalter/Instagram)
“Todd Burkhalter perpetrated what is probably going the biggest Ponzi scheme in Georgia historical past,” U.S. Legal professional Theodore S. Hertzberg stated. “Unbelievably, Burkhalter shamelessly continued to rip-off his victims even whereas below federal investigation. At this time’s responsible plea is simply step one in holding Burkhalter accountable for the appreciable hurt he brought on.”
“Todd Burkhalter constructed an enormous Ponzi scheme on lies, exploiting belief to steal tons of of thousands and thousands of {dollars} from greater than 2,000 victims whereas funding an extravagant way of life,” Paul Brown, particular agent answerable for FBI Atlanta, stated.
Based on federal investigators, Drive Planning lured bizarre folks by claiming they didn’t must be accredited buyers to take part and inspired them to take a position cash from retirement accounts, financial savings and contours of credit score.
Todd Burkhalther prepares to fly to Houston, Texas, in a chartered personal jet. (@toddburkhalter/Instagram)
Burkhalter then promised excessive returns, together with a ten% return each three months from a fabricated actual property mortgage and a 22% annual return from tax liens, whereas falsely claiming that buyers’ cash was government-protected or absolutely collateralized by actual property, officers stated.
To perpetuate the lies, Burkhalter reportedly created an inventory of imaginary or irrelevant properties with fabricated valuations to current as collateral.
OLDER AMERICANS LOST UP TO $81.5 BILLION IN THE PAST YEAR TO FINANCIAL FRAUD, FTC REPORT SAYS
Todd Burkhalther stands as much as give a speech in entrance of a giant gathering throughout dinner. (Todd Burkhalther/Instagram)
Burkhalter and Drive Planning additionally misrepresented the scope of their relationships with actual property builders, federal investigators stated. As an example, a outstanding Atlanta developer reportedly found that Burkhalter was utilizing a property’s title to advertise Drive Planning and subsequently sued the corporate.
Authorities stated Burkhalter didn’t use buyers’ cash for its meant goal. Throughout the first few months of selling his actual property choices, he allegedly used the funds to repay an earlier Drive Planning investor, cowl his ex-wife’s authorized charges and pay bills associated to leisure autos.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
If Burkhalter meets the circumstances of his plea settlement, prosecutors will suggest that the decide sentence him to no less than 17 years in jail.
His former colleague, David Bradford, additionally pleaded responsible to conspiracy to commit wire fraud Dec. 16, 2025, officers stated. His sentencing listening to is scheduled for March 17.
