DEKALB COUNTY, Ga. — The FBI Atlanta announced on Wednesday that a local financial planner has pleaded guilty to orchestrating a Ponzi scheme with thousands of victims.
Channel 2’s Courtney Francisco was there as the FBI confirmed Todd Burkhalter took a plea deal.
Investigators say Burkhalter founded Drive Planning in Alpharetta and advertised it as a financial planning business.
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They say he encouraged 2,000 people to invest their retirement and real estate funds, but there wasn’t actually any property.
Federal prosecutors say, in total, Burkhalter took $380 million. They say he spent that money on a yacht, clothes, jewelry, a condo in Cabo, Mexico, cars, private jet trips, beauty treatments and more.
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U.S. Attorney Theodore Hertzberg said that Burkhalter’s victims will likely never get their money back.
“A lot of this money is going to be lost, and that’s the problem, and why people have to be so vigilant about what they invest in," he said.
Burkhalter faced up to 20 years in prison, but prosecutors are recommending 17-and-a-half years because of the deal.
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