Todd Burkhalter ran the largest pyramid scheme in Georgia history, acquiring a yacht, a luxury mansion in Mexico, luxury cars, jewelry and more through fraudulent real estate investments.
A Florida man has pleaded guilty to committing a years-long wire fraud scheme to finance a lavish lifestyle in Georgia, costing more than 2,000 investors a total of $380 million.
Todd Burkhalter, founder and CEO of Georgia-based Drive Planning LLC, acquired a yacht, a luxury condo in Mexico, luxury cars, jewelry and chartered a private jet while running what the federal government calls the largest pyramid scheme in the state’s history.
“Incredibly, Mr. Burkhalter shamelessly continued to defraud his victims even while under federal investigation,” U.S. Attorney Theodore S. Hertzberg said in a statement Wednesday. “Today’s guilty plea is just the first step in holding Mr. Burkhalter accountable for the tremendous harm he has caused.”
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From September 2020 to June 2024, Burkhalter sold real estate investment opportunities, including real estate accelerated loan (REAL) opportunities and cash-out real estate funds (CORE funds). Prosecutors said in a statement that the scammers told prospective investors they did not need to be accredited investors and encouraged them to withdraw funds from retirement accounts, savings and lines of credit for investment purposes.
The REAL program is the company’s primary investment vehicle, according to the Department of Justice. Burkhartel allegedly pitched the program to investors as a bridging loan that “guaranteed” a 10% return each quarter.
Mr. Burkhalter and his companies falsely claimed that bridging loans were provided to real estate developers who needed cash flow to complete existing projects or fund new projects, and said those loans were backed by collateral real estate that did not exist. In order to deceive investors, the company created a fraudulent “collateral sheet” that identified the properties with “appraised values” that would serve as collateral for the investment.
Burkhalter and Drive Planning also perpetuated a fictional narrative about the company’s relationship with developers. When a prominent Atlanta-based developer learned that a company was using the developer’s name to promote investment in REAL, the developer filed suit.
As for the CORE fund, Mr. Burkhalter falsely claimed that the fund would give investors “100% passive income from tax liens” and would provide returns of 10% semi-annually or 22% annually for up to three years. He also falsely claimed that investors’ contributions to the fund were pooled, protected by the government, and fully collateralized. Burkhalter and company officials similarly did not disclose that Drive Planning did not invest any funds in CORE after approximately December 9, 2022.
From the beginning, Burkhalter operated the funds as a pyramid scheme, using the initial $50,000 investment to repay early investors in Drive Planning, according to the Justice Department. He also reportedly used $80,000 of investor funds to pay his ex-wife’s legal fees and RV-related expenses.
During the planning process, Burkhalter spent $2 million of investor funds to purchase the yacht. $2.1 million to buy a condo in Cabo San Lucas, Mexico. $800,000 to acquire a luxury car. Millions of people take part in luxury travel. and $320,000 for clothing, jewelry and beauty treatments.
“Todd Burkhalter built a massive pyramid scheme based on lies, abusing the trust of more than 2,000 victims and stealing hundreds of millions of dollars from more than 2,000 victims while simultaneously funding a lavish lifestyle,” Atlanta FBI Special Agent Paul Brown said in a statement. “The FBI continues to aggressively pursue those who weaponize fraud and deception against investors. We are committed to holding them fully accountable and seeking justice for all victims who have been harmed.”
The Securities and Exchange Commission began investigating Drive Planning around March 2024, and Burkhalter continued to raise millions of dollars from investors for the REAL and CORE funds.
At a Tampa Bay Rays game in May 2024, Burkhalter posted a photo on Instagram of a Drive Planning advertisement behind home plate at Tropicana Field. ABC Tampa Bay 28 reported that Burkhalter paid the team $400,000 for marketing space, half of which the Rays ultimately had to return after Burkhalter’s scheme was uncovered.
The SEC then obtained a restraining order against Drive Planning in August 2024 and filed a civil enforcement action against the company in court. Under the plea agreement, the government promised to recommend to the court that Mr. Burkhartel be sentenced to 17 and a half years in prison, subject to conditions. Mr. Burkhalter’s sentencing hearing is scheduled for March 17, 2026 before U.S. District Judge Tiffany R. Johnson.
Email Lillian Dickerson
