Overview
- The founder and CEO, Todd Burkhalter, received a 20-year federal prison sentence and was ordered to pay about $233.7 million in restitution after pleading guilty to wire fraud.
- Prosecutors say the scheme ran from September 2020 through June 2024 and stole nearly $380–400 million from more than 2,000 investors by selling fake real‑estate‑backed products called REAL and the CORE Fund.
- Investigators say Burkhalter used investor money for a lavish personal life, buying a yacht, a luxury condo in Cabo San Lucas, expensive vehicles, private travel and other items that prosecutors listed at sentencing.
- Two senior Drive Planning executives pleaded guilty earlier this week and received shorter prison terms: COO David Bradford was sentenced to four years with about $4.2 million restitution and Chief Administrative Officer Julie Edwards received two years and roughly $630,000 restitution.
- Civil efforts to recover assets continue under an SEC-ordered receivership, but the judge and prosecutors warned that many victims who lost retirement and college savings will likely not recover all their losses.