SEC-PR-2024-97 (Aug. 14, 2024)
SEC Charges Russell Todd Burkhalter and His Atlanta-Based Firm With $300 Million Ponzi Scheme and Obtains Emergency Relief – Burkhalter allegedly stole investor funds to buy a $3.1 million yacht and fund lavish lifestyle
Washington D.C., Aug. 14, 2024 — 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.
Date: Aug. 14, 2024
Accessed: Sep. 20, 2024
Source URL: https://www.sec.gov/newsroom/press-releases/2024-97
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