Tampa Bay Rays return $200,000 from alleged Ponzi scheme company

A recent Instagram post from Todd Burkhalter’s account highlighted Drive Planning, LLC’s advertising at Tropicana Field, which is now under scrutiny due to its involvement in a $300 million Ponzi scheme. The company promised investors a 10% return every 90 days, a promise that should have raised suspicions according to USF associate professor Kerry Myers, who specializes in business law. Myers emphasized the importance of avoiding deals that seem too good to be true.

The Securities and Exchange Commission filed a lawsuit alleging that Todd Burkhalter misappropriated investors’ funds to support a lavish lifestyle, including purchasing a $3.1 million yacht. Despite Drive Planning paying the Tampa Bay Rays $400,000 for marketing services, a court settlement led to the team returning half of the payment, citing it as “100% of the amount received from Drive Planning for which no marketing services were provided.” This move was praised by legal experts as a smart and ethical decision by the Rays.

Legal experts, including attorney Janae Thomas, discussed the risky association between the Rays and Drive Planning, suggesting that it may have been a consequence of financial pressures on the baseball team. Thomas highlighted the stories of investors, including an Indiana couple who allegedly lost $250,000 to Drive Planning, emphasizing the devastating impact of financial scams on individuals and their retirement savings. The court is now focused on recovering as much money as possible to return to the affected investors.

A Rays official declined to comment on the case, confirming their desire to maintain a neutral stance amidst the ongoing controversy. The situation serves as a stark reminder of the dangers of fraudulent schemes and the importance of due diligence in financial transactions. Investigators and legal experts continue to emphasize the need for skepticism and caution when presented with investment opportunities that offer unusually high returns in a short period.

As the legal proceedings unfold and investors await justice, the Drive Planning Ponzi scheme stands as a cautionary tale for both individuals and organizations tempted by promises of quick and substantial financial gains. The decision by the Tampa Bay Rays to return a portion of the payment received from Drive Planning serves as a testament to their commitment to ethical business practices and upholding the integrity of their partnerships.