We are proud to announce that our Partner, Kenneth Dante Murena, has been appointed as the Receiver by the U.S. District Court for the Northern District of Georgia in a high-profile case brought by the Securities and Exchange Commission (SEC). This case involves Atlanta-based Drive Planning LLC and its founder and CEO, Russell Todd Burkhalter, who have been charged with defrauding over 2,000 investors in a $300 million real estate Ponzi scheme.
SEC Enforcement Action Details
On August 14, 2024, the SEC announced that it had secured a preliminary injunction, asset freeze, and other emergency relief against Drive Planning LLC and Burkhalter. According to the SEC’s complaint, the defendants raised more than $300 million from investors between 2020 and June 2024, promising significant returns from real estate investments that were, in reality, non-existent. Instead of funding legitimate projects, Burkhalter allegedly used the investor funds to support a lavish lifestyle, including the purchase of a $3.1 million yacht and millions more spent on private jets, luxury cars, and a high-end condominium.
Kenneth Dante Murena’s Role as Receiver
In cases of significant financial fraud, the appointment of a Receiver is a critical measure to manage and preserve assets, investigate the misconduct, and work towards recovering funds for defrauded investors. Kenneth Dante Murena’s appointment as Receiver in this case underscores his extensive experience and expertise in handling complex financial fraud cases.
As Receiver, Kenneth will oversee the process of identifying, securing, and managing the assets of Drive Planning LLC, with the goal of maximizing recoveries for the investors who have been affected by this scheme. His role will also involve coordinating with the SEC and other regulatory bodies to ensure that justice is served and that the victims of this fraud are compensated to the fullest extent possible.
