David Bradford, former COO of Drive Planning LLC, pleaded guilty to conspiracy to commit wire fraud as part of a Ponzi scheme defrauding investors of millions, according to a U.S. Department of Justice press release yesterday. U.S. Attorney Theodore S. Hertzberg stated that Bradford exploited the trust of clients and associates, wrapping them into false investments and promises of high returns through the so-called "Cash Out Real Estate Fund" or "CORE Fund."
Drive Planning and Bradford claimed the CORE Fund would yield a return of 10% biannually or 22% annually, under the pretense that the fund was protected and fully collateralized, the allegations were far from reality. Instead, the raised capital bankrolled personal expenses, commission payments, and payouts to previous investors, creating a classic Ponzi structure. This fraudulent behavior, continued even as the SEC initiated investigations in early 2024, with Bradford proceeding to solicit further investments under the collapsing scheme.
The uncovered operation gathered at least $4.1 million from unsuspecting investors who were led to believe in guaranteed returns from what they thought were government-backed real estate investments. The truth emerged as the financial veil was lifted by the concerted efforts of the Federal Bureau of Investigation and the Securities and Exchange Commission. In a pursuit of justice, Assistant United States Attorney Alex R. Sistla is leading the prosecution.
Bradford's sentencing is slated for March 17, 2026, before Judge Tiffany R. Johnson, with the actual sentence still under consideration. But even as the judicial cogs turn, Bradford's guilt admission sends a clear message about the unyielding pursuit of white collar criminals by law enforcement. As FBI Atlanta's Special Agent in Charge Paul Brown puts it, "The FBI is aggressively pursuing fraud and will continue to ensure crime does not pay in the end. If you steal from others, you are gambling with your freedom," as noted by the U.S. Department of Justice.
