economy
January 22, 2026
Guilty plea in $380 million Ponzi scheme, feds say
Atlanta — A financial adviser in Georgia pleaded guilty Wednesday to wire fraud in a Ponzi scheme that bilked more than 2,000 people out of $380 million, federal authorities announced.
TL;DR
- Todd Burkhalter, a financial adviser and CEO of Drive Planning LLC, pleaded guilty to wire fraud.
- The Ponzi scheme involved over 2,000 victims and resulted in $380 million in losses.
- Burkhalter used investor money to purchase a $2 million yacht, a $2.1 million condo in Mexico, and a motorcoach.
- One fraudulent scheme promised 10% returns every three months by offering short-term loans to real estate developers.
- Burkhalter encouraged investors to use retirement accounts, savings, and lines of credit.
- Drive Planning's former chief operating officer has also pleaded guilty.
- Prosecutors plan to recommend a sentence of over 17 years for Burkhalter as part of a plea agreement.
- Efforts are underway to recover victims' money by selling Burkhalter's assets, but full recovery is improbable.
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