The CEO of a financial advisory firm in Georgia has confessed in court to orchestrating a scam that defrauded clients of a staggering $380 million, using the funds to support a high-flying lifestyle complete with private jets and luxury automobiles.
Todd Burkhalter, the brains behind the firm Drive Planning LLC, managed to extract $300 million from over 2,000 clients between 2020 and 2024. During this period, he lavishly spent their money on opulent items such as a yacht and a $2.1 million condominium in Mexico.
US Attorney Theodore Hertzberg highlighted the significance of Burkhalter’s guilty plea on Wednesday (January 21), labeling the fraudulent operation 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.
Prosecutors allege that Burkhalter, aged 54, marketed investment options that purported to offer short-term financing to real estate developers, promising returns of 10 percent in just three months or 22 percent annually, according to the Department of Justice.
He allegedly assured clients that their investments were secured by substantial real estate assets that, in reality, did not exist. He encouraged Drive Planning’s clients to utilize their savings, pensions, and even credit lines to capitalize on these promised returns.
The scheme was even advertised during MLB games, with $400,000 paid to the Tampa Bay Rays for advertising behind home plate, which Burkhalter proudly displayed on his social media. As part of a court settlement, the baseball team has been ordered to return half of this payment, ABC News Tampa Bay reports.
The operation falsely guaranteed its investors ‘100% Passive Income from Tax Liens,’ according to the New York Post. Instead, the money was used to pay previous investors and fund Burkhalter’s extravagant lifestyle.
Court proceedings revealed that Burkhalter spent $2 million on his yacht and $800,000 on luxury vehicles, including a motorcoach and two 2024 Land Rovers.
Despite a federal investigation into his firm starting in March 2024, Burkhalter continued to solicit funds from investors, with the Justice Department noting that he secured tens of millions in new investments over the following six months.
Having admitted his role in the $380 million wire fraud, Burkhalter now faces a potential prison sentence of 17 and a half years, as part of a plea arrangement with prosecutors. His sentencing date remains to be scheduled.
The former chief financial officer of Drive Planning also admitted guilt in relation to the Ponzi scheme back in December 2025, with a sentencing date anticipated in March.
Paul Brown, Special Agent in Charge of FBI Atlanta, stated that 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.”