Todd Burkhalter, the founder of Atlanta-area Drive Planning LLC, has been sentenced to 20 years in federal prison for orchestrating a $380 million Ponzi scheme, one of the largest in Georgia history. A US District Court judge handed down the sentence Friday, also ordering Burkhalter to pay restitution.
Burkhalter, 59, defrauded over 2,000 investors between September 2020 and June 2024. The scheme involved marketing investment opportunities, such as the "Real Estate Acceleration Loan" and "Cash Out Real Estate Fund," which prosecutors said were falsely presented as safe and collateralized by real estate. In reality, Burkhalter used the approximately $400 million in investor funds to finance a lavish personal lifestyle. This included purchasing a $2 million yacht, a $2.1 million condo in Cabo San Lucas, Mexico, several vehicles totaling $800,000, and millions more on luxury travel, private jet charters, and personal expenses like clothing and jewelry.
Prosecutors noted that Burkhalter continued to exploit victims even while under federal investigation. His attorneys had sought a 14-year sentence, while prosecutors recommended 17 and a half years as part of a plea deal. Burkhalter pleaded guilty to wire fraud charges.
Two executives from Drive Planning also received sentences this week. David Bradford, the company's COO, was sentenced to four years in prison and ordered to pay over $4.2 million in restitution for his role in the CORE Fund. Bradford, who met some investors through his church, called himself a "coward" for his participation. Julie Edwards, Chief Administrative Officer, received a two-year sentence for laundering proceeds and using $630,000 of investor funds to buy a home.
All three individuals will face three years of supervised release following their prison terms. The FBI Atlanta described the scheme as the largest Ponzi scheme in Georgia's history.