Todd Burkhalter, the founder and CEO of Drive Planning in Atlanta, Ga., ran a years-long scheme that defrauded thousands of investors of nearly $400 million, prosecutors said. File Photo by Mike Theiler/UPI | License Photo
Aug. 14 (UPI) -- An Atlanta executive was sentenced to 20 years in prison on Friday for running what authorities described as "likely the largest Ponzi scheme in Georgia history."
Todd Burkhalter, the founder and CEO of Drive Planning, ran a years-long scheme that defrauded thousands of investors of nearly $400 million, prosecutors said.
He used the funds for lavish purchases, including a $2 million yacht, a $2.1 million luxury condo in Cabo San Lucas, Mexico, and $800,000 in vehicles.
"Todd Burkhalter lured investors to send millions of dollars to Drive Planning for investments that he knew didn't actually exist," Georgia U.S. Attorney Theodore Hertzberg said in a statement.
