Georgia Investment Advisor Pleads Guilty to Ponzi Scheme
From the desk of Jim Eccleston at ÍøÆسԹÏ
A former Georgia investment adviser has pleaded guilty to wire fraud after federal prosecutors accused his firm of operating a multiyear Ponzi scheme that cost investors millions of dollars, as reported by Financial Advisor News.
David Bradford, the former chief operating officer of Drive Planning LLC, admitted to his role in a scheme that regulators say defrauded clients through misleading real estate–related investment offerings. Drive Planning, based in Alpharetta, Georgia, sat at the center of what the Securities and Exchange Commission (SEC) previously described as a $300 million Ponzi scheme affecting roughly 2,000 investors, according to Financial Advisor News.
According to the Department of Justice, Drive Planning marketed an investment product known as the “Cash Out Real Estate Fund,” or CORE Fund. The firm pitched the product as a tax lien investment opportunity and promised investors guaranteed returns of 10 percent every six months, 22 percent annually for three years, and fully passive income. Prosecutors allege those representations did not reflect reality.
In a press release, the U.S. Attorney stated that Drive Planning materially misrepresented how it handled investor funds. The firm told investors that it pooled their money, protected it through government-backed mechanisms, and fully collateralized the investments. Instead, prosecutors say, Drive Planning used investor funds to pay earlier investors and to fund commission payments to sales agents.
Financial Advisor News reports that the DOJ also alleged that Bradford personally helped promote the scheme by creating marketing materials used by Drive Planning’s sales force to solicit investors. Prosecutors further stated that the firm stopped investing any funds into the CORE Fund after approximately December 9, 2022, while continuing to accept investor money without disclosing that fact.
In total, the DOJ said Drive Planning received at least $4.1 million from CORE Fund investors. Bradford, 53, of Peachtree Corners, Georgia, now awaits sentencing, which the court scheduled for March 17, 2026.
The criminal case follows a civil enforcement action the SEC filed in August 2024 against Drive Planning’s owner, Russell Todd Burkhalter. In that lawsuit, the SEC accused Burkhalter of selling unregistered securities described as “Real Estate Acceleration Loans,” which the firm promoted as short-term bridge loan opportunities.
According to the SEC, more than 2,000 investors had placed over $300 million into those products by the end of June 2024. The agency alleged that Drive Planning encouraged investors to draw from savings, retirement accounts, and even lines of credit to participate. As of early May 2024, the SEC said the operation received applications totaling more than $1 million per day through a sales network exceeding 100 agents.
The SEC further alleged that Burkhalter and Drive Planning misused investor funds to finance luxury purchases and personal expenses, including high-end clothing, jewelry, beauty treatments, luxury vacations, private jet charters, and premium car services. That civil case, filed in the U.S. District Court for the Northern District of Georgia, remains pending.
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