SEC Gets Asset Freeze on Claims of $300 Million Ponzi Scheme (1)

A businessman, his wife, company, and associated businesses can’t withdraw money from bank accounts or dispose of real estate associated with an alleged $300 million Ponzi scheme, a federal court ruled.

Judge Victoria M. Calvert on Tuesday granted an unopposed emergency request by the Securities and Exchange Commission to freeze assets held by Russell Todd Burkhalter, Drive Planning LLC, and others who may have received proceeds of the claimed scheme. The defendants must also provide an accounting of all such funds they received, according to her order in the US District Court for the Northern District of Georgia.

Calvert hasn’t ...