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Georgia financial CEO Todd Burkhalter sentenced for running historic $380M Ponzi scheme to fund lavish lifestyle
New York Post • • business
Key Points:
- Todd Burkhalter, CEO of Drive Planning LLC in Georgia, was sentenced to 20 years in federal prison for orchestrating a $380 million Ponzi scheme that defrauded over 2,000 investors to fund his extravagant lifestyle.
- The scheme involved fraudulent investment opportunities marketed as safe and fully collateralized by real estate, including the "REAL" and "CORE Fund" programs, which were actually backed by fictitious properties and valuations.
- Burkhalter used the stolen funds to purchase luxury items such as a $2 million yacht, a $2.1 million condo in Mexico, high-end vehicles, private jet travel, and expensive personal expenses.
- Two executives involved in the scheme, COO David Bradford and Chief Administrative Officer Julie Edwards, were also sentenced to prison terms of four years and two years respectively, for conspiracy to commit wire fraud and money laundering.
- All three individuals will face three years of supervised release following their prison sentences, and Bradford was ordered to pay over $4.2 million in restitution to victims.
