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N/A.PRVT
id: 1556
SDWC Financial (REAL) Ponzi Scheme and Unregistered Securities Case
A formal lawsuit has been filed in court initiating the class action.
N.D. Georgia
Court1:25-cv-01058
Case number09/01/2020
Class period Start06/10/2024
Class period End- REAL investors filed a claim against SDWC Financial and its advisor Meredith Bruce for promoting and selling unregistered securities tied to a $372 million Ponzi scheme.
- After the SEC exposed the fraud and halted operations in June 2024, investors were left with massive losses.
Case Details:
Between 2020 and mid-2024, financial firm SDWC and its advisor Meredith Bruce solicited investors nationwide to participate in Drive Planning’s “REAL” program—short for Real Estate Acceleration Loans—was a private lending scheme that sold unregistered promissory notes, promising 10% returns every three months.. Investors were told their funds were secured by real estate assets and backed by $95 million in collateral.
In reality, the REAL program was a massive Ponzi scheme. Drive Planning, led by Russell Burkhalter, used funds from new investors to pay earlier ones, while channeling millions to personal luxuries like yachts, jets, and private payrolls. Over $372 million was raised, primarily from retirement accounts, with over $154 million paid back using new investor funds.
SDWC and Bruce received over $1.9 million in commissions, pushed unregistered securities without proper licensing, and continued to reassure clients even after the SEC launched an enforcement action. On August 13, 2024, a federal court appointed a receiver and froze Drive Planning’s assets, confirming violations of federal securities laws.
Based on these events, $REAL investors filed a claim against SDWC Financial and Meredith Bruce, accusing them of the following:
- It sold unregistered securities while unlicensed, misleading investors with false guarantees of safety and returns.
- It promoted a $372 million Ponzi scheme despite numerous red flags and regulatory violations.
Considering all the representations, investors believe SDWC and Bruce played a key role in enabling a massive fraud that wiped out life savings and retirement accounts.
Case Status
Initial Complaint
Alleged Offence
Misleading Statements,
Fraud,
Malpractice,
Breach of Fiduciary duty
Suspected Party
Directors,
Management,
Service Provider
Security Type
Other
Trade Direction
Short
Shock Event Date
06/14/2024
Filing date
02/28/2025