Russell Todd Burkhalter and Drive Planning $300 Million Ponzi Scheme

The Securities and Exchange Commission (SEC) announced on August 14, 2024, that it obtained a preliminary injunction, asset freeze, and other emergency relief against Drive Planning LLC of Atlanta, Georgia, and its founder and CEO, Russell Todd Burkhalter, to halt an alleged $300 million real estate Ponzi scheme impacting more than 2,000 investors. The SEC alleges the defendants misappropriated millions of dollars of investors’ funds to fund Burkhalter’s lavish lifestyle and to make Ponzi-like payments.

According to the SEC’s complaint, from 2020 through at June 2024, Drive Planning and Russell Todd Burkhalter allegedly raised more than $300 million for real estate investments.  They allegedly told the investors their money would be used to fund land development projects. The SEC alleges that the defendants promised the investors 10% interest every 3 months and encouraged investors to use their savings, retirement accounts, and open lines of credit to invest.  However, according to the SEC complaint, allegedly, the defendants did not have a business capable of generating the returns, and they instead used investor funds to make Ponzi-like payments. The complaint further alleges that Russell Todd Burkhalter misappropriated investor funds to fund his luxurious lifestyle, including buying a $3.1 million yacht, and spending $4.6 million on chartering private jets and luxury car services, and $2 million on a luxury condo. 

The SEC’s complaint, was filed in the U.S. District Court for the Northern District of Georgia.  It charges Drive Planning, LLC and Russell Todd Burkhalter with violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC seeks permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties against the defendants, and an officer-and-director bar against Burkhalter. The SEC complaint also names Jacqueline Burkhalter, Russell Todd Burkhalter’s spouse, and several related entities as relief defendants and seeks disgorgement of ill-gotten gains from them. 

Did your financial advisor recommend investing in this alleged Ponzi-like scheme?  Contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.