Drive Planning, LLC, and Russell Todd Burkhalter

The SEC has charged Drive Planning LLC and its founder Russell Todd Burkhalter with operating a $300 million Ponzi scheme that defrauded over 2,000 investors. The SEC obtained a preliminary injunction, asset freeze, and other emergency relief, and a receiver was appointed to oversee Drive Planning. From 2020 to June 2024, Burkhalter and Drive Planning falsely promised investors 10% returns on real estate investments, but instead used the funds to finance Burkhalter’s extravagant lifestyle, including a $3.1 million yacht, $4.6 million on private jets and luxury car services, and $2 million on a luxury condo. The SEC’s complaint, filed in the U.S. District Court for the Northern District of Georgia, accuses them of violating multiple securities laws and seeks permanent injunctions, disgorgement of gains, civil penalties, and an officer-and-director bar against Burkhalter. The SEC’s investigation will continue.