SEC Charges Atlanta-Based Financial Advisor With a $300 Million Ponzi Scheme, Florida Investors Were Impacted
On August 14th, 2024, the Securities and Exchange Commission (SEC) announced investment fraud charges against an Atlanta-based financial advisor. Russell Todd Burkhalter stands accused of operating a $300 million Ponzi scheme. The SEC notes that approximately 2,000 investors were affected, including many investors from Florida. Here, our Miami Ponzi scheme attorney provides a more detailed overview of the case.
The Allegations: Russell Todd Burkhalter Operated Ponzi Scheme (Drive Planning)
In a complaint filed in the United States District Court for the Northern District of Georgia, the SEC alleges that Russell Todd Burkhalter—the Chief Executive Officer (CEO)—of Drive Planning LLC orchestrated a $300 million Ponzi scheme. The SEC contends that Mr. Burkhalter lured more than 2,000 investors to put funds into real estate projects with promises of high returns. However, in reality, he allegedly used new investments to pay returns to earlier investors. Further, millions of dollars were siphoned off for his personal use, including to buy a more than $3 million yacht. Notably, federal regulators believe that little legitimate real estate investments were actually made by the company. The SEC has obtained an injunction. A receiver has been appointed to oversee the assets of Drive Planning LLC. The SEC has named Mr. Burkhalter’s wife as a relief defendant.
Four Steps to Take If You Suspect You Were the Victim of Ponzi Scheme in Florida
Do you believe that you have suffered tens of thousands, hundreds of thousands, or even greater losses in a Ponzi scheme? It is imperative that you take proactive measures to protect your financial interests. Justice matters. Here are four key steps for Ponzi scheme victims in Florida:
- Protect Your Funds for Additional Losses: First and foremost, you should protect your funds from any additional losses. If you suspect a problem, do not invest any additional funds and attempt to withdraw as much of your money as possible.
- Document the Investment Fraud: You should gather all related documents—such as emails, account statements, and correspondence that detail your investments. These records are essential for any legal action against the Ponzi scheme.
- Report the Ponzi Scheme: Report the fraud to relevant authorities—such as the Florida Office of Financial Regulation—to officially document your case. Doing so can aid in the investigation into the Ponzi scheme.
- Seek Professional Legal Representation: You have the right to see civil legal representation. An attorney can also recover lost funds. Be proactive: Speak to a Miami investment fraud lawyer as soon as possible after you suspect a Ponzi scheme.
Consult With a Miami Ponzi Scheme Losses Attorney Today
At Carlson & Associates, P.A., we are a boutique law firm that specializes in protecting the rights of investors. If you or someone close to you suffered serious financial harm due to a Ponzi scheme, you need strong legal representation. Contact our firm today to schedule your confidential initial case evaluation. Our firm is located in Miami and we fight for investor rights throughout the region.
Source:
sec.gov/newsroom/press-releases/2024-97