ATLANTA — A former financial advisor for Drive Planning, David Bradford, pleads guilty to running a Ponzi scheme.
FBI Atlanta says he defrauded investors out of millions of dollars from late 2021 through last year.
“Bradford betrayed the trust of his clients, family, and friends by encouraging them to make millions in bogus investments,” said U.S. Attorney Theodore S. Hertzberg. “We will continue to work with our law enforcement partners to investigate and aggressively prosecute all forms of investment fraud.”
Investigators say Drive Planning marketed several investments, including the “Cash Out Real Estate Fund,” or “CORE Fund,” as “easy and simple,” advising prospective investors that the fund provided “100% passive income from tax liens.”
Drive Planning guaranteed investors a return of 10% every six months or a 22% return per year for up to three years.
“Justice is served in this latest reminder of the significant impact white collar crime continues to have on everyday Americans,” said Paul Brown, Special Agent in Charge of FBI Atlanta. “The FBI is aggressively pursuing fraud and will continue to ensure crime does not pay in the end. If you steal from others, you are gambling with your freedom.”
In all, Bradford stole $4M. He will be sentenced in March.