Georgia financial adviser pleads guilty in $380 million Ponzi scheme

A Georgia financial adviser, founder of Drive Planning LLC, pleaded guilty to wire fraud for running a $380 million Ponzi scheme that victimized more than 2,000 people. Prosecutors say the fraud offered apparently real estate-backed short‑term loans with 10% returns every three months, encouraged investors to tap retirement accounts, and used funds to buy luxury assets including a $2 million yacht, a $2.1 million condo in Mexico and a motorcoach. A plea deal seeks more than 17 years in prison; investigators are attempting asset liquidation to recover losses, but full restitution is unlikely. The former chief operating officer also pleaded guilty.