CEO admits to running $380,000,000 Ponzi scheme to fund lifestyle
Authorities in Georgia called the CEO's financial scam the 'largest Ponzi scheme' in the state's history
William Morgan
A CEO who set up a financial advice business that swindled its customers out of an astonishing $380 million has pleaded guilty in court after using the money to fund a lavish lifestyle of private jets and luxury cars.
The founder of Georgia-based firm Drive Planning LLC, Todd Burkhalter, extracted $300 million from over 2,000 clients in just the four years between 2020 and 2024, during which time he splashed their cash on several luxury purchases, including a yacht and a $2.1 million condo in Mexico.
US Attorney Theodore Hertzberg touted the guilty plea on Wednesday (January 21), describing Burkhalter's financial scam as 'likely the largest Ponzi scheme in Georgia history.'
"Unbelievably, Burkhalter shamelessly continued to scam his victims even while under federal investigation. Today’s guilty plea is just the first step in holding Burkhalter accountable for the considerable harm he caused," Hertzberg said in a statement.
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Prosecutors state that 54-year-old Burkhalter advertised investment opportunities that claimed to provide short-term financing to real estate developers, with returns of 10 per cent in just three months or 22 per cent per annum (via The Department of Justice).
He is accused of telling customers that their investments were guaranteed by extensive real estate holdings that did not exist, which included telling Drive Planning's clientele to use their savings, pensions and even lines of credit to take advantage of these high returns.
The scheme even secured some prime-time advertising in MLB, paying $400,000 to the Tampa Bay Rays to feature behind home plate, which Burkhalter shared on his social media. The baseball team has since been ordered to return half of this payment as part of a court settlement, ABC News Tampa Bay reports.
The scheme also falsely promised its customers '100% Passive Income from Tax Liens,' according to the New York Post. But instead, their cash was used to pay previous investors and for Burkhalter's increasingly lavish lifestyle.
It emerged in court that he had spent $2 million on his yacht and $800,000 on multiple luxury vehicles, including a motorcoach and two 2024 Land Rovers.
His soliciting of funds from investors even continued after a federal investigation into his company was opened in March 2024, with the Justice Department stating that Burkhalter secured tens of millions in investment over the ensuing six months.
After admitting his guilt in the $380 million wire fraud, Burkhalter now faces a 17 and a half year prison sentence as a result of a plea deal struck with prosecutors. His sentencing date has not yet been determined.
Drive Planning's former chief financial officer also pleaded guilty to crimes relating to the Ponzi scheme in December, 2025, with a sentencing date set for March.
Special Agent in Charge of FBI Atlanta, Paul Brown, said Burkhalter 'built a massive Ponzi scheme on lies, exploiting trust to steal hundreds of millions of dollars from more than 2,000 victims while funding an extravagant lifestyle', adding: "The FBI will continue to aggressively pursue those who weaponize fraud and deception against investors, and we are committed to holding them fully accountable and seeking justice for every victim harmed."