Todd Burkhalter’s Guilty Plea in an Alleged Real Estate Ponzi Scheme: What Investors Need to Know

Todd Burkhalter’s Guilty Plea: How the “Easy” Real Estate Loans Were Sold

Between September 2020 and June 2024, Drive Planning LLC marketed several fraudulent investment schemes, primarily the “Real Estate Acceleration Loan” (REAL) and the “Cash Out Real Estate Fund” (CORE Fund). Burkhalter and his team reportedly encouraged investors to tap into their retirement accounts, savings, and lines of credit to fund what was described as a “bridge loan opportunity”.

Important Points About the Investment Pitch

• Guaranteed Returns: The REAL program promised a 10% return every three months, while the CORE Fund promised 22% per year.
• Fictitious Collateral: To deceive investors, the firm prepared fraudulent “collateral sheets” for properties that were often overvalued or did not exist.
• Unauthorized Developer Relationships: Drive Planning used the name of a well-known Atlanta real estate developer to promote its products, leading the developer to sue the firm for the unauthorized use of its name.
• No Investment After 2022: For the CORE Fund, the firm failed to disclose that it did not invest any new funds after December 9, 2022, despite continuing to collect at least $4.1 million from investors.

Drive Planning LLC: REAL and CORE Fund Mechanics

The scheme functioned as a classic Ponzi scheme, where early investors were paid “returns” using funds from newer participants. Burkhalter reportedly used at least $21,000 from the very first $50,000 investment to repay an earlier investor, and the misappropriation continued throughout the scheme’s lifespan.

According to investigators, the funds were used to support an extravagant lifestyle rather than real estate development:

• $2.1 million for a luxury condo in Cabo San Lucas, Mexico.
• $2 million for a private yacht.
• $800,000 on luxury vehicles, including a Prevost Marathon motorcoach and two Land Rovers.
• $320,000 on jewelry, clothing, and beauty treatments.

Gerardo Linarducci: SEC Suit, Compensation, and Supervision

While Todd Burkhalter faced criminal charges, other key figures in the firm have also come under scrutiny. Gerardo Linarducci, the former managing partner of Drive Planning and head of its Indiana branch in Fishers, is facing civil fraud charges from the SEC.

The SEC lawsuit alleges that Linarducci raised more than $13 million personally, and his sales team raised an additional $30 million. For this work, he reportedly received $7.5 million in compensation. Furthermore, David Bradford, the former COO of Drive Planning, pleaded guilty to conspiracy to commit wire fraud on December 16, 2025, for his role in the scheme.

Red Flags of Ponzi Schemes and Investor Protections

Cases like Drive Planning emphasize how leadership failures and weak supervision can lead to massive investor harm. Under Regulation Best Interest (Reg BI), firms and advisors are required to perform reasonable diligence and ensure recommendations are in the client’s best interest.

Common Warning Signs for Investors

• Over-the-top sales pitches promising high rates of guaranteed returns.
• Unregistered securities or investments marketed to non-accredited investors that seem too good to be true.
• Pressure to invest quickly or use high-stakes funds like retirement accounts or home equity.
• Lack of transparency regarding how the investment actually generates profits.

Real Estate Wire Fraud Updates: Sentencing and Recovery

Todd Burkhalter, now 54 and residing in St. Petersburg, Florida, faces a recommended sentence of 17.5 years in prison. David Bradford’s sentencing is currently scheduled for March 17, 2026.

A court-appointed receiver, Kenneth D. Murena, is currently responsible for attempting to recover assets and sell property to provide restitution to the many victims. However, authorities have noted it is highly unlikely that investors will recover the full amount they lost.

How Meyer Wilson Werning Supports Investors After the Todd Burkhalter Case

The Todd Burkhalter case is a reminder that the most damaging frauds are often the ones dressed up as the simplest opportunities — a “bridge loan,” a guaranteed return, a trusted name. More than 2,000 investors found that out the hard way. The criminal conviction matters, but it does not put money back in anyone’s account. That is what we do.

Meyer Wilson Werning has recovered more than $350 million for investors harmed by fraud and the firms that failed to stop it. If a financial advisor, broker, or brokerage firm directed you to Drive Planning LLC, you may have legal options beyond the court-appointed receiver. Our attorneys will review your situation at no charge — and we handle every case on a pure contingency fee, meaning you pay nothing unless we recover for you. Contact us today for a free and confidential consultation.

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