ATLANTA (AP) — 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.
Prosecutors accused Todd Burkhalter, the founder and CEO of Drive Planning LLC, of marketing several fraudulent investment schemes and using the money in part to buy a $2 million yacht, a $2.1 million condo in Mexico and a motorcoach.
Burkhalter was represented by the federal defenders’ office. A message to the office after hours on Wednesday was not immediately returned.
Prosecutors said one of Burkhalter’s investment schemes purported to provide short-term loans to real estate developers and promised returns of 10% every three months. According to prosecutors, Burkhalter falsely said those investments were backed by real estate holdings.
Burkhalter, 54, of St. Petersburg, Florida, encouraged investors to dip into retirement accounts and savings and take out lines of credit. Drive Planning’s former chief operating officer has also pleaded guilty.
“These losses will echo through the lives of these victims long after these defendants receive their well-deserved sentences,” said Aaron Seres, a supervisory special agent at the Atlanta-area FBI office.
As part of a plea agreement, prosecutors plan to recommend a sentence of more than 17 years in prison for Burkhalter, U.S. Attorney for the Northern District of Georgia Theodore Hertzberg said.
Hertzberg and Seres spokes at a news conference announcing Burkhalter’s plea.
Hertzberg said a court-appointed official is trying to recover victims’ money by selling Burkhalter’s assets, but it’s highly unlikely that they will get back everything they lost.
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