Locals hope to inform others who may have invested
(BATESVILLE, Ind.) – There are several families in Southeast Indiana who say they invested in an alleged nationwide real estate Ponzi scheme.
The 812 spoke with two local investors who 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, or know where to turn for help.
What Has Happened So Far:
The Securities and Exchange Commission (SEC) has taken enforcement action against a company called Drive Planning LLC, which is based in Atlanta.
The SEC’s complaint alleges that Drive Planning raised more than $300M from 2020 through at least this June, for purported real estate investments, telling investors their money would be used to fund land development projects.
According to the SEC, the company promised a 10 percent interest every 3 months and encouraged investors to tap into their savings, retirement accounts, and even open lines of credit to invest.
"In reality, the defendants did not have a business capable of generating the promised returns, and they instead used investor funds to make Ponzi-like payments," according to the complaint.
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.
There are more than 2,000 investors believed to be impacted nationwide, with several of those right here in Southeast Indiana who say they fell for the scheme.
The two people we sat down with say they were hesitant of the investment proposal at first, but were both convinced by trusted local advisors that it was something they couldn’t pass up.
We spoke with one woman from the Sunman area who invested and says she was planning to retire this year, however the loss of the investment changes everything.
“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 that would be turning out an extra 10 percent every three months," she told The 812.
Another woman from Batesville shares her experience of getting involved which she says was due to trusting her longtime financial advisor.
“I feel utterly betrayed. I've lost faith in everything and everyone, and I’m incredibly embarrassed. In fact, none of our extended family even knows,” she expressed.
“You don’t want people to think you could be so naive,” she said. “However, we had built a level of trust with our [financial advisor] after more than 20 years of working together.”
The SEC's investigation into Drive Planning is ongoing and you can read more by clicking here.
What To Do If You Are A Possible Victim:
The two local women say they are sharing their stories with the goal of helping with other potential victims.
They are urging those impacted to take two steps. The first 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.
The Receivership has a website which you can view by clicking here.
Investors are encouraged to contact the Receivership's office by email at driveplanningreceiver@dvcattorneys.com or by telephone at (786) 706-9916.
The second step is to be aware of a class action lawsuit that is already in progress.
Are you a local Drive Planning investor and want to contact another affected person who lives locally? One investor we spoke with has established an email address to connect with others while trying to protecting all identities.
We’ve confirmed the email is legitimate and is not associated with any agency, organization or company. The email is southeastindiana@gmail.com
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