Local victims of alleged $300M Ponzi scheme speak out

(BATESVILLE, Ind.) – There are several families in Southeast Indiana who invested in an alleged nationwide real estate Ponzi scheme. 

The 812 spoke with two of them who have asked to remain anonymous due to pending legal matters. They’re coming forward with the hope they can reach someone who might not realize they’re impacted.

The Securities and Exchange Commission (SEC) has taken enforcement action against a company called Drive Planning, LLC based in Atlanta. 

The SEC’s complaint alleges that Drive Planning raised more than $300M from 2020 through this summer, for purported real estate investments, telling investors their money would be used to fund land development projects. 

According to the SEC,  the company promised 10 percent interest every 3 months and encouraged investors to tap into their savings, retirement accounts, and even open lines of credit to invest. 

However, the SEC alleges millions of investor dollars were used to fund the CEO’s lavish lifestyle, which includes a $3M yacht, $4.6M on private jets and luxury cars, and a $2M condo. 

We spoke with one woman from Batesville who says she was planning to retire this year, however the loss of the investment changes things. 

“I don’t know what to do because at least 90 percent of our investments were all with this. We were just planning on having this money there that would be turning out an extra 10 percent every three months, the woman said. 

Another woman, who is from the Sunman area, tells us that she got involved by trusting their longtime financial advisor.

“I feel completely betrayed. I’ve lost trust in everything and everyone, and also incredibly embarrassed. Actually none of our extended family even knows,” she said. 

“You just don’t want people to believe that you could be so stupid,” she said. “But, there was a level of trust we had with our [financial advisor] after working with them for more than 20 years.” 

What To Do If You Are A Possible Victim:

The two local women say they are sharing their stories with the goal of connecting with other potential victims. 

They are urging those potentially impacted by this to take two steps. The first step is to connect with the appropriate people. 

The United States District Court of Northern Georgia has instituted a Receivership, in an effort to locate and preserve Drive Planning’s funds and assets, determine investments, recover assets and communicate with investors.

A website has been established which you can view by clicking here. 

Investors are encouraged to contact the Receiver's office by email at driveplanningreceiver@dvcattorneys.com or by telephone at (786) 706-9916.

The second step is to seek legal advice as there is a class action lawsuit in progress. 

Are you a possible victim? You can reach out to The 812 at seindiananews@gmail.com  and we will connect you with other local people who are affected.