By Kenneth Corbin
The chief operating officer of a defunct financial advisory operation accused of a massive Ponzi scheme has pleaded guilty to conspiracy to commit wire fraud. David Bradford entered the plea on Tuesday in federal court in Georgia.
Bradford was one of the leaders of Drive Planning, an unregistered advisory firm that promoted real estate and other investments, promising 10% returns every six months or a 22% annual return, according to the Justice Department.
In August 2024, the Securities and Exchange Commission obtained a temporary restraining order against Drive Planning and its CEO, Russell Todd Burkhalter. At the time, the SEC described Drive Planning as a $300 million Ponzi scheme.
Bradford allegedly helped solicit investors and promote funds such as the Cash Out Real Estate Fund, or Core Fund. He allegedly created a marketing brochure for that fund that was used by sales agents for Drive Planning.
Lawyers for Bradford didn't immediately respond to a request for comment on his plea or what they are hoping for at sentencing, which is scheduled for March 17, 2026.
Drive Planning, which wasn't registered as an investment advisor or broker-dealer, allegedly promised investors that the Core fund would deliver "100% passive income from tax liens" and that investing in the fund was "easy and simple." The operation misled investors into thinking their funds were commingled with other investors' money and that the fund was government protected and fully collateralized, according to the Justice Department.
In reality, the architects of the alleged scheme used clients' money to repay previous investors, to pay Drive Planning's sales agents, and for personal expenses. The SEC alleged that Drive Planning's CEO spent millions of dollars on a yacht, a condo, and private jet charters.
Drive Planning solicited investors in the Core fund and other instruments from late 2021 to about June 2024, according to the Justice Department, which says that Bradford continued to solicit investors for the Core fund even after the SEC began investigating the operation in March 2024.
The Justice Department says that Drive Planning didn't use any investors' money to buy into the Core fund after December 2022.
"Bradford betrayed the trust of his clients, family, and friends by encouraging them to make millions in bogus investments," says U.S. Attorney Theodore Hertzberg. "We will continue to work with our law enforcement partners to investigate and aggressively prosecute all forms of investment fraud."
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December 18, 2025 16:41 ET (21:41 GMT)
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