SEC Charges Burkhalter and His Company in $300 Million Ponzi Scheme
The Securities and Exchange Commission (SEC) announced today that it has 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 stop a $300 million real estate Ponzi scheme affecting more than 2,000 investors. A receiver for Drive Planning was also appointed. The SEC alleges that the defendants misappropriated millions of dollars of investor funds to finance Burkhalter's lavish lifestyle and make Ponzi-like payments.
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