David J. Bradford and Gerardo L. Linarducci

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26456 / December 30, 2025 Securities and Exchange Commission v. David J. Bradford and Gerardo L. Linarducci, No. 1:25-cv-07284 (N.D. Ga. filed Dec. 19, 2025) SEC Charges Former COO and Former Managing Partner with Securities Fraud Related to Alleged $300 Million Ponzi Scheme On December 19, 2025, the Securities and Exchange Commission charged David J. Bradford, former Chief Operating Officer of Drive Planning, LLC, and Gerardo L. Linarducci, former Managing Partner of Drive Planning and head of its Indiana branch office, for their roles in an alleged $300 million Ponzi scheme related to Drive Planning’s “Real Estate Acceleration Loans” program. The SEC previously obtained a preliminary injunction, asset freeze, and other emergency relief pursuant to an emergency action against Drive Planning and its founder and CEO, Russell Todd Burkhalter in connection with the alleged scheme. Without admitting or denying the allegations in the complaint, Bradford consented to the entry of a final judgment, subject to court approval. The complaint, filed in the United States District Court for the Northern District of Georgia, alleges that Bradford and Linarducci played integral roles in fueling the fraudulent scheme, telling investors, falsely, that the promised 10% rate of return was guaranteed; that investors held an interest in underlying collateral as part of their investment; that Drive Planning partnered with real estate developers in profit-sharing agreements; and that profits from those partnerships funded the promised return to REAL investors. According to the complaint, Bradford and Linarducci personally raised more than $35 million and $13 million in investor funds, respectively, and Bradford’s and Linarducci’s sales teams raised more than $100 million and $30 million, respectively, by selling Real Estate Acceleration Loans investments. Bradford and Linarducci received millions of dollars in compensation in connection with such sales. The SEC’s complaint charges Bradford and Linarducci with violating Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933, and Sections 15(a) and 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties against Bradford and Linarducci. Without admitting or denying the allegations in the complaint, Bradford consented to the entry of a final judgment, subject to court approval, in which he agreed to be permanently enjoined from violating the charged provisions of federal securities law and from participating in the issuance, purchase, offer, or sale of any security, except for purchases or sales in his personal accounts, and agreed that that Court shall order him to pay disgorgement with prejudgment interest and a civil penalty in an amount to be determined by the court upon motion by the Commission. The SEC’s ongoing investigation is being conducted by Austin Stephenson and Connor Harbin, and supervised by Peter Diskin and Justin Jeffries, all of the SEC’s Atlanta Regional Office. The litigation is being led by Pat Huddleston and H.B. Roback, under the supervision of M. Graham Loomis. Resources <ul class="field