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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe U.S. Securities and Exchange Commission is taking legal action against Drive Planning LLC, a Georgia-based financial firm with an office in Fishers, over an alleged $300 million Ponzi scheme.
On Wednesday, the SEC announced that it has obtained a preliminary injunction, asset freeze and other emergency relief against Atlanta-based Drive Planning and its founder and CEO, Russell Todd Burkhalter, 52, of St. Petersburg, Florida.
According to Drive Planning’s website, the firm has offices in Atlanta, St. Petersburg and Fishers. The Fishers office is at 8100 106th St., Suite 260.
In its complaint, the SEC alleges that, from 2020 through at least June of this year, Drive Planning and Burkhalter raised more than $300 million from more than 2,000 investors in 48 states. The defendants encouraged investors to tap into their savings, retirement accounts and to open lines of credit to invest, the SEC alleges.
The SEC alleges that investors were told that their money would be used to fund real estate development projects, with the promise of earning 10% interest on their investments every three months.
“In fact, Drive Planning did not have any legitimate profitable enterprise capable of generating the sums necessary to pay the promised 10% returns every three months,” the SEC’s complaint alleges. “Instead, in classic Ponzi fashion, Burkhalter used money from new investors to pay the supposed ‘returns’ to existing investors and to maintain a luxurious lifestyle,” the complaint alleges.
Burkhalter purchased a $3.1 million yacht in October 2023, the SEC alleges, and at least $2 million of the amount to pay for it came from investor funds.
Other expenses included at least $4.6 million on chartering private jets and luxury car services; at least $2 million to purchase a luxury condo in Cabo San Lucas; and $319,629 on clothing, jewelry and beauty treatments, the complaint alleges.
In January, Drive Planning filed a rezoning request with the city of Fishers for a new standalone office planned for 13484 E. 116th St.
On June 10, Drive Planning Managing Partner Gerry Linarducci posted a YouTube video announcing the firm’s planned new office in Fishers. Linarducci described the office as a $3.1 million project that would break ground “in a little less than two weeks.”
In the video, Linarducci also said the company was expanding and seeking new talent. “Let’s start a conversation to see if you fit in our culture and to see if our culture fits with yours, to see … if there’s a perfect match,” Linarducci said.
IBJ left a phone message for Drive Planning on Wednesday that was not immediately returned.
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Shocking. 10% return, paid quarterly? Great if it were true.
Sounds like a future episode of American Greed. (Like the guy that used to live up on Geist and was on an episode a few years ago)
I was thinking the same!
Tim Durham, may his name live on in infamy!
So these con-men keep popping up and taking gullible peoples money even though they get busted on a regular basis. Perhaps going to a country club prison should be off the table and let these folks do some hard time in a hard prison. Might have a better deterrent effect!
Pretty nearly 50% of the blame is on the “victims” who are mostly victims of their own greed, suckers for the “success gospel” preached by these hucksters with extravagant lifestyles.
Take a look at both these guys. Gerry Linarducci and Burkhalter. Nothing more needs to be said.