Aug. 14 (UPI) — An Atlanta executive was sentenced to 20 years in prison on Friday for running what authorities described as “likely the largest Ponzi scheme in Georgia history.”

Todd Burkhalter, the founder and CEO of Drive Planning, ran a years-long scheme that defrauded thousands of investors of nearly $400 million, prosecutors said.

He used the funds for lavish purchases, including a $2 million yacht, a $2.1 million luxury condo in Cabo San Lucas, Mexico, and $800,000 in vehicles.

“Todd Burkhalter lured investors to send millions of dollars to Drive Planning for investments that he knew didn’t actually exist,” Georgia U.S. Attorney Theodore Hertzberg said in a statement.

“He promised investors that they were guaranteed substantial returns on their investments, and he ruthlessly encouraged them to deplete their kids’ college funds, take early distributions from retirement accounts, and borrow significant sums at high interest rates,” he added. “The sentences in this case should discourage other financial advisors from choosing insatiable greed and lies over honest investment strategies.”

FBI Special Agent in Charge Marlo Graham said Burkhalter brazenly continued his scheme even while under federal investigation.

“Todd Burkhalter organized what is likely the largest Ponzi scheme in Georgia history to fund an extravagant lifestyle,” Graham said in a statement.

Prosecutors said Burkhalter defrauded more than 2,000 investors from September 2020 to June 2024.

He has also been sentenced to pay more than $230 million in restitution.

Earlier this week, two other people were sentenced in the scheme.

The company’s chief operating officer, David Bradford, was sentenced to four years in prison and $4.2 million restitution.

Julie Edwards, Drive Planning’s chief administrative officer, was sentenced to to years prison and ordered to pay $630,000 in restitution.