A Florida man's luxurious lies: The $380M Ponzi scheme that fooled thousands
Todd Burkhalter admitted to orchestrating a massive Ponzi scheme, defrauding over 2,000 people out of $380 million between 2020 and 2024.
The Scheme
Burkhalter founded Drive Planning LLC, promising investors lucrative returns through fake real estate deals. He falsely assured them of safety and high returns, but it was all a scam. He fabricated documents to deceive his victims.
The Luxurious Lifestyle
The stolen money funded an extravagant lifestyle:
- A $2 million yacht
- A $2.1 million condo in Mexico
- Expensive cars
- Private jets
- Travel and clothing
- Even paid off his ex-wife's legal fees
The Investigation and Consequences
The SEC began investigating in 2024, but Burkhalter continued his fraud until September 2024. He now faces up to 17 and a half years in prison. His former partner, David Bradford, also admitted to fraud and awaits sentencing.
The Lesson
This story serves as a stark reminder of how greed can lead to crime and the importance of due diligence in investments. Always question promises that seem too good to be true.
