Silver Law Group Represents Investors in Claims Against Third Party Professionals for Aiding and Abetting the Ponzi Scheme
The Securities and Exchange Commission (SEC) obtained an asset freeze, preliminary injunction, and other emergency relief against Drive Planning LLC and founder/CEO Russel Todd Burkhalter. The SEC alleges that Atlanta-based Drive Planning is a $300 million Ponzi scheme involving over 2,000 victims, and that millions of dollars were misappropriated by the defendants to pay for Burkhalter’s luxurious lifestyle. Unfortunately, investors will probably not recover most of their principal and millions are allegedly missing.
According to the SEC, from 2020 through 2024 Burkhalter and Drive Planning raised over $300 million from investors, stating that the money would be used to develop real estate and investors would receive 10% return every three months, the SEC’s complaint alleges. Investors were allegedly asked to withdraw from their retirement and savings, and to borrow money, to invest in Drive Planning.
But according to the SEC, the defendants lacked a business capable of creating the returns they promised, and investor money was paid to other investors and used to buy Burkhalter $4.6 million in private jet and luxury car services, a $3.1 million yacht, and a $2 million condo.
According to the Director of the SEC’s Atlanta regional Office, Nekia Hackworth, “Drive Planning and Burkhalter gained the trust of everyday people and encouraged them to invest in this scheme by promising exorbitant returns, but as our complaint alleges, the defendants’ business was nothing more than a classic Ponzi scheme, using new investor money to pay returns to existing investors, with Burkhalter stealing millions to fund a lavish lifestyle.”
A receiver has been appointed over Drive Planning, who will take over the company and attempt to recover money for its victims.
The complaint was filed in the Northern District of Georgia, U.S. District Court and charges the defendants with violating antifraud provisions of federal securities laws. The SEC seeks disgorgement of ill-gotten gains, permanent injunctions, an officer and director bar against Burkhalter, and civil penalties. Burkhalter’s spouse and related entities are named as relief defendants.
Our lawyers, securitiesfraudattorneys.com, routinely represent investors in claims against commercial banks and others for aiding and abetting these schemes. These claims are typically unique and separate from the receivership.
Did you Invest In Drive Planning?
Silver Law Group has extensive experience representing victims of Ponzi schemes. If you have investment losses with Drive Planning or another suspected fraud, contact our office today for a confidential, no-cost consultation. In many Ponzi schemes the perpetrators are unable to repay victims for all of their losses, but commercial banks, auditors, or law firms the schemers used to carry out their fraud may have responsibility, and may be sued to recover investor losses.
Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses. Most cases are handled on a contingent fee basis, meaning that it costs nothing to hire us, and we only receive our fee if and when we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.
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