The SEC’s complaint details how Burkhalter allegedly misappropriated millions of dollars in investor funds to sustain an extravagant lifestyle, including the purchase of a $2 million condo in Mexico, a $3.1 million yacht, and $4.6 million worth of private jet trips. Additionally, the SEC accuses him of spending over $300,000 on luxury items such as clothing and jewelry, and nearly $750,000 on cars.
SEC russell todd lawsuit : Timeline and Deception
The SEC claims that the alleged Ponzi scheme began in 2020 and continued until June 2024, when Drive Planning ceased collecting new investments after the SEC began its investigation. However, even then, Burkhalter allegedly deceived his sales agents and investors, claiming that the halt was due to an internal audit rather than regulatory scrutiny.
Drive Planning’s Real Estate Acceleration Loans (REAL) program, which promised short-term bridge loans to real estate developers, was a key component of the scheme, according to the SEC. The program was marketed nationwide and even internationally, with some investors reportedly using their retirement savings to participate.
Legal Representation
The SEC is represented by agency attorneys Pat Huddleston, M. Graham Loomis, and Harry Roback. Burkhalter is represented by Aaron Danzig and Kara Gordon Silverman of Arnall Golden Gregory LLP.
