ATLANTA — A man is accused of using his Atlanta-based business to run a $300 million real estate Ponzi scheme.
Russell Todd Burkhalter is the founder and CEO of Drive Planning LLC. The U.S. Securities and Exchanges Commission is charging both him and the company.
They say millions of dollars of funds from more than 2,000 investors were misused to fund Burkhalter’s “lavish” lifestyle.
[DOWNLOAD: Free WSB-TV News app for alerts as news breaks]
The SEC’s complaint says that from 2020 until June of this year, Burkhalter and the company told investors their money would be used for land development projects. He encouraged investors to use savings, retirement accounts and open lines of credit to invest. He promised the investors 10% interest every three months.
Instead of funding projects as promised, the SEC says Burkhalter was using the money to buy a $3.1 million yacht, a $2 million luxury condo and spent $4.6 million to charter private jets and luxury cars.
TRENDING STORIES:
- Matthew Perry death: Arrests made, reports say
- Vehicle crashes into CVS store in another ATM smash-and-grab theft attempt
- ‘It just broke my spirit.’: Man sues Rick Ross after having no wheelchair access to yearly car show
The SEC complaint also names Burkhalter’s wife and others who benefitted from the alleged fraud.
Drive Planning and Burkhalter are charged with violating the antifraud provisions of the federal securities laws.
It’s unclear what sentence he could face if convicted.
[SIGN UP: WSB-TV Daily Headlines Newsletter]
IN OTHER NEWS:
©2024 Cox Media Group
