SEC Charges Former Drive Planning Executives in Alleged $300 Million Ponzi Scheme

The U.S. Securities and Exchange Commission has filed civil charges against two former executives of Drive Planning LLC, alleging their involvement in a Ponzi-like scheme that raised more than $300 million through misrepresentations tied to a fraudulent real estate lending program.

In a complaint filed Dec. 19, 2025, in the U.S. District Court for the Northern District of Georgia, the SEC accused David J. Bradford, former chief operating officer of Drive Planning, and Gerardo L. Linarducci, former managing partner and head of the firm’s Indiana office, of misleading investors about the safety and structure of the firm’s so-called “Real Estate Acceleration Loans” program.

According to the SEC, Bradford and Linarducci falsely claimed that investor returns – promised at 10% annually – were guaranteed, backed by underlying collateral, and supported by real estate development partnerships. In reality, the SEC alleges, the investment proceeds were not used as promised, and earlier investors were paid using funds from newer investors.

The SEC previously obtained emergency relief in a related case involving Drive Planning and its founder and CEO, Russell Todd Burkhalter – including an asset freeze and preliminary injunction.

Bradford and Linarducci are alleged to have played key fundraising roles in the scheme:

• Bradford personally raised more than $35 million, with his sales team contributing over $100 million
• Linarducci personally raised more than $13 million, with his team raising an additional $30 million

Both men received millions in compensation as a result of the securities sales, according to the complaint.

The SEC’s complaint charges both defendants with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, including antifraud and registration provisions. Bradford has already agreed to settle the charges – without admitting or denying the allegations – by consenting to a permanent injunction, a conduct-based industry bar, and monetary relief in amounts to be determined by the court.

The commission is seeking similar remedies against Linarducci, including permanent injunctions, disgorgement of ill-gotten gains with interest, and civil penalties.

The SEC’s investigation remains ongoing.

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