Burkhalter ordered to pay more than $230 million in restitution
Todd Burkhalter, founder and CEO of Atlanta-based Drive Planning, was sentenced Friday to 20 years in prison for running what authorities described as “likely the largest Ponzi scheme in Georgia history.” The scheme defrauded more than 2,000 investors of nearly $400 million, according to prosecutors.
Burkhalter’s scheme ran from September 2020 to June 2024, according to prosecutors.
He used the funds collected from investors to bankroll what authorities described as an extravagant lifestyle, including a $2 million yacht, a $2.1 million luxury condo in Cabo San Lucas, Mexico, and $800,000 in vehicles.
“Todd Burkhalter lured investors to send millions of dollars to Drive Planning for investments that he knew didn’t actually exist,” Georgia U.S. Attorney Theodore Hertzberg said in a statement following the sentencing.
Hertzberg added that Burkhalter “promised investors that they were guaranteed substantial returns on their investments, and he ruthlessly encouraged them to deplete their kids’ college funds, take early distributions from retirement accounts, and borrow significant sums at high interest rates.”
“The sentences in this case should discourage other financial advisors from choosing insatiable greed and lies over honest investment strategies,” Hertzberg said.
FBI Special Agent in Charge Marlo Graham said Burkhalter “organized what is likely the largest Ponzi scheme in Georgia history to fund an extravagant lifestyle.” Graham added that Burkhalter brazenly continued running the scheme even while under federal investigation.
In addition to the 20-year prison term, Burkhalter was ordered to pay more than $230 million in restitution.
Two other Drive Planning executives were sentenced earlier in the week for their roles in the scheme. David Bradford, the company’s chief operating officer, received a four-year prison sentence and was ordered to pay $4.2 million in restitution. Julie Edwards, Drive Planning’s chief administrative officer, was sentenced to a prison term and ordered to pay $630,000 in restitution.
The prosecution was led by the U.S. Attorney’s Office in Georgia and the FBI.