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SEC Charges Russell Todd Burkhalter and His Atlanta-Based Firm With $300 Million Ponzi Scheme and Obtains Emergency Relief
The Securities and Exchange Commission today announced that it 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 halt a $300 million real estate Ponzi scheme impacting more than 2,000 investors. Additionally, a receiver was appointed over Drive Planning. The SEC alleges the defendants misappropriated millions of dollars of investor funds to fund Burkhalter’s lavish lifestyle and to make Ponzi-like payments. “Drive Planning and Burkhalter gained the trust of everyday people and encouraged them to ... (full story)