United States SEC Charged & Obtained Injunction Against Drive Planning LLC and Founder & CEO Russell Todd Burkhalter in $300 Million Real Estate Ponzi Scheme Impacting 2,000 Investors from 2020 to 2024, Promised Investors 10% Interest Every Quarter (3 Months) But Used Investors Money to Fund Payout, Bought $3.1 Million Yacht, $2 Million for Luxury Condo, Spent $4.6 Million on Chartered Private Jets & Luxury Car Services
15th August | Hong Kong
The United States Securities & Exchange Commission (SEC) has charged & obtained injunction against Drive Planning LLC and founder & CEO Russell Todd Burkhalter in $300 million real estate Ponzi scheme impacting more than 2,000 investors from 2020 to 2024, promising investors 10% interest every quarter (3 months) but used investors money to fund payout. Founder & CEO Russell Todd Burkhalter used the money for a $3.1 million yacht, $2 million for a luxury condo, and spent $4.6 million on chartered private jets & luxury car services. United States SEC (14/8/24): “The Securities and Exchange Commission today announced that it obtained a preliminary injunction, asset freeze, and other emergency relief against Atlanta-based Drive Planning LLC and its founder and CEO, Russell Todd Burkhalter, to halt a $300 million real estate Ponzi scheme impacting more than 2,000 investors. Additionally, a receiver was appointed over Drive Planning. The SEC alleges the defendants misappropriated millions of dollars of investor funds to fund Burkhalter’s lavish lifestyle and to make Ponzi-like payments. The SEC’s complaint alleges that, from 2020 through at least June 2024, Drive Planning and Burkhalter raised more than $300 million for purported real estate investments, telling investors their money would be used to fund land development projects. The defendants promised 10% interest every 3 months and encouraged investors to tap their savings, retirement accounts, and even open lines of credit to invest. In reality, the defendants did not have a business capable of generating the promised returns, and they instead used investor funds to make Ponzi-like payments, according to the complaint. The complaint further alleges that Burkhalter stole investor funds to fund his luxurious lifestyle, including to buy a $3.1 million yacht and spending $4.6 million on chartering private jets and luxury car services and $2 million on a luxury condo.”
“ United States SEC Charged & Obtained Injunction Against Drive Planning LLC and Founder & CEO Russell Todd Burkhalter in $300 Million Real Estate Ponzi Scheme Impacting 2,000 Investors from 2020 to 2024, Promised Investors 10% Interest Every Quarter (3 Months) But Used Investors Money to Fund Payout, Bought $3.1 Million Yacht, $2 Million for Luxury Condo, Spent $4.6 Million on Chartered Private Jets & Luxury Car Services “
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United States SEC Charged & Obtained Injunction Against Drive Planning LLC and Founder & CEO Russell Todd Burkhalter in $300 Million Real Estate Ponzi Scheme Impacting 2,000 Investors from 2020 to 2024, Promised Investors 10% Interest Every Quarter (3 Months) But Used Investors Money to Fund Payout, Bought $3.1 Million Yacht, $2 Million for Luxury Condo, Spent $4.6 Million on Chartered Private Jets & Luxury Car Services
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