Court records show the firm’s Indiana branch raised more than $30 million. None of the roughly 2,400 victims has been repaid.

A federal judge in Atlanta sentenced the founder of Drive Planning LLC to 20 years in prison Friday — the maximum allowed by law — for running what prosecutors call likely the largest Ponzi scheme in Georgia history, one that reached Hoosier families through a Fishers coworking office.

Todd Burkhalter, 55, of St. Petersburg, Florida, pleaded guilty to wire fraud. U.S. District Judge Tiffany R. Johnson ordered him to pay $233,777,763.82 in restitution and serve three years of supervised release, according to the U.S. Attorney’s Office for the Northern District of Georgia. More than 2,000 investors lost roughly $380 million.

“Todd Burkhalter lured investors to send millions of dollars to Drive Planning for investments that he knew didn’t actually exist,” U.S. Attorney Theodore S. Hertzberg said. “He ruthlessly encouraged them to deplete their kids’ college funds, take early distributions from retirement accounts, and borrow significant sums at high interest rates.”

Rather than fund real estate deals, prosecutors said, Burkhalter paid earlier investors and himself: $2.1 million for a Cabo San Lucas condo, $2 million for a yacht, $800,000 for vehicles and millions on private jets.

Two deputies were sentenced days earlier. Chief Operating Officer David Bradford, 53, of Peachtree Corners, Georgia, got four years and three months and owes $4.3 million. Chief Administrative Officer Julie Edwards, 59, of Cumming, Georgia, got two years and owes $630,000.

The Indiana branch

Drive Planning operated from a coworking space at 8100 E. 106th St. in Fishers and had planned a building at 116th Street and Olio Road, WISH-TV reported.

The Securities and Exchange Commission identifies Indianapolis resident Gerardo “Gerry” Linarducci as the managing partner who ran that branch. Its December complaint alleges he personally raised more than $13 million and his sales team more than $30 million selling “Real Estate Acceleration Loans,” telling investors a 10% return was guaranteed and backed by collateral. Neither claim was true, the SEC says. Linarducci has not been criminally charged.

The court-appointed receiver reported in April that Linarducci bought an Indianapolis property worth about $1.9 million with investor money and is fighting to keep $7.8 million in commission debts from being erased by his Chapter 13 bankruptcy.

Noblesville investors Patrick and Laura McLoughlin told WISH-TV they likely lost $250,000. “I thought I was going to get a 10% return every 90 days,” Patrick McLoughlin said. “If it sounds too good to be true, it probably is.”

Getting money back

The receiver held $69.1 million as of March 31 against roughly $220 million in documented losses. A claims process is in its appeals phase, and no distribution can occur until a judge approves a payout plan. Asset sales include Burkhalter’s yacht, the Live More, for $1.9 million.

The FBI asks anyone affected to file a report at forms.fbi.gov/driveplanning.