Todd Burkhalter, the founder and chief executive officer of UPI, was sentenced to 20 years in federal prison on Friday for orchestrating what authorities described as likely the largest Ponzi scheme in Georgia history. Burkhalter, 55, who moved several years ago to St. Petersburg, Florida, operated the Alpharetta-based investment firm and defrauded more than 2,000 investors out of approximately $380 million to $400 million between September 2020 and June 2024.
Drive Planning CEO Sentenced to 20 Years in Prison
U.S. District Judge Tiffany Johnson presided over the sentencing in Atlanta, where Burkhalter was also ordered to pay more than $230 million in restitution. Federal prosecutors said Burkhalter pleaded guilty to wire fraud in January. During the proceedings, authorities noted that Burkhalter brazenly continued his fraudulent operations even while under active federal investigation by the U.S. Securities and Exchange Commission, which began investigating the firm in 2024.
Lavish Spending and False Investment Promises
According to prosecutors, Burkhalter lured victims by falsely promising guaranteed substantial returns on investments that did not actually exist. The firm marketed opportunities such as the Real Estate Acceleration Loan
opportunity and the Cash Out Real Estate Fund
(CORE Fund), telling targets that the CORE Fund provided passive income from tax liens while guaranteeing a 10% return every six months or a 22% annual return for up to three years. Federal prosecutors stated that money received from the CORE Fund after December 9, 2022, was never invested as claimed.
Instead of legitimate investing, Burkhalter used investor funds to finance an extravagant lifestyle. Georgia U.S. Attorney Theodore Hertzberg stated that Burkhalter ruthlessly encouraged victims to deplete children’s college funds, take early distributions from retirement accounts, and borrow significant sums at high interest rates. Purchases funded by the scheme included:
- A $2 million yacht
- A $2.1 million luxury condo in Cabo San Lucas, Mexico
- $800,000 spent on multiple luxury vehicles, including a 2020 Prevost Marathon motorcoach and two 2024 Land Rovers
Impact on Victims and Co-Conspirators Sentenced
The human toll of the multi-year fraud was severe. Many victims lost their entire retirement savings and children’s college funds, while others were forced to remortgage their homes to cover financial losses. Drive Planning, which is now in receivership, operated with the assistance of other executives who also faced criminal penalties.
Earlier in the week, two other Drive Planning executives were sentenced by Judge Johnson. David Bradford, the firm’s 53-year-old chief operating officer, pastor, and father of six, was sentenced to four years in prison and ordered to pay $4.2 million in restitution after pleading guilty in December to conspiracy to commit wire fraud. In court, Bradford expressed remorse, stating, I was a coward.
Julie Edwards, the chief administrative officer of nypost.com, was sentenced to two years in prison and ordered to pay $630,000 in restitution.
Federal law enforcement officials emphasized that the severe prison terms should serve as a strong deterrent. The sentences in this case should discourage other financial advisors from choosing insatiable greed and lies over honest investment strategies,
Hertzberg said.
