A federal judge has sentenced Atlanta investment executive Todd Burkhalter to 20 years in prison after prosecutors said he ran a massive fraud scheme that drained nearly $400 million from thousands of people, hitting retirement savings, college funds, and household finances.
Here's what to know
Authorities said Todd Burkhalter, the founder and CEO of Drive Planning, was sentenced on Aug. 14 for operating what they described as likely Georgia's biggest Ponzi scheme. Prosecutors said he defrauded more than 2,000 investors between September 2020 and June 2024, according to UPI.
According to prosecutors, Burkhalter sold clients on guaranteed high returns from investments that did not exist. They said he then spent investor money on personal items, including a $2 million yacht, a $2.1 million condo in Cabo San Lucas, Mexico, and vehicles worth $800,000.
In a statement, Georgia U.S. Attorney Theodore Hertzberg said Burkhalter "lured investors to send millions of dollars to Drive Planning for investments that he knew didn't actually exist."
His sentence also included more than $230 million in restitution.
More background
Hertzberg said Burkhalter urged investors into risky financial moves, including emptying college savings, taking early withdrawals from retirement accounts, and borrowing at high interest rates.
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Families may now be left coping with tax penalties, loan payments, delayed retirement, or education plans thrown off course.
Investigators said Burkhalter kept the operation going even after federal scrutiny began. Marlo Graham, the FBI special agent in charge, said he "brazenly continued his scheme even while under federal investigation."
The case also led to sentences for two other Drive Planning leaders. Chief operating officer David Bradford received a four-year prison sentence and was ordered to pay $4.2 million in restitution, while chief administrative officer Julie Edwards was sentenced to two years in prison and ordered to pay $630,000 in restitution.
What's being done?
The response has been criminal sentencing and restitution orders.
Prosecutors described a sales pitch built on promises of "guaranteed" returns and pressure to tap retirement accounts or take on costly debt.
As Hertzberg put it: "He promised investors that they were guaranteed substantial returns on their investments, and he ruthlessly encouraged them to deplete their kids' college funds, take early distributions from retirement accounts, and borrow significant sums at high interest rates."
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