Georgia financial CEO Todd Burkhalter sentenced to 20 years in prison for running historic $380M Ponzi scheme to fund his lavish lifestyle
A Georgia financial advising CEO was sentenced Friday to 20 years behind bars for masterminding a $380 million Ponzi scheme to fund his lavish lifestyle of yachts, private jets and luxury shopping.Todd Burkhalter, the founder of Atlanta-area Drive Planning LLC, orchestrated one of Georgia’s largest schemes and stole millions from over 2,000 investors in the years-long con.Burkhalter, 59, was ordered to serve two decades in federal prison by US District Court Judge Tiffany R.Johnson, while two of his executives were sentenced to less than five years for their roles this week.Burkhalter’s attorneys had asked for a 14-year sentence while federal prosecutors recommended 17 and a half years as part of a plea deal back in January.“Todd Burkhalter organized what is likely the largest Ponzi scheme in Georgia history to fund an extravagant lifestyle. He even continued to exploit victims while under federal investigation,” Special Agent in Charge of FBI Atlanta Marlo Graham said.The Florida executive had pleaded to wire fraud charges following a years-long investigation into the shady ventures.Between September 2020 and June 2024, Drive Planning marketed investment opportunities to potential investors to secure nearly $400 million in funds, even immediately using the money to pay off early investors.Burkhalter then used the pool of cash for high-end personal spending, including buying a $2 million yacht, a $2.1 million condo in Cabo San Lucas, Mexico, dropped $800,000 on vehicles, including a motorcoach and two Land Rovers.He also spent millions on luxury travel, chartering private jets, $800,000 to pay his ex-wife’s attorney and another $320,000 on clothing, jewelry, and beauty treatments.Two of the investment options pushed on victims were the “Real Estate Acceleration Loan” opportunity (“REAL”) and the “Cash Out Real Estate Fund” (“CORE Fund”)Burkhalter and crew claimed the investments were “easy and simple,” and encouraged their victims to ...