Dear Drive Planning LLC
Investor:
We write to inform you
that on August 13, 2024,
the Securities Exchange
Commission (the "SEC")
commenced an enforcement
action against Drive
Planning, LLC (“Drive
Planning”) and their
principal Russell Todd
Burkhalter. That
enforcement action is
pending in the District
Court for the Northern
District of Georgia
(Atlanta Division)
before the Honorable
Victoria Calvert.
On August 13, 2024,
Judge Calvert appointed
Kenneth D. Murena, Esq.
to serve as the Receiver
over Drive Planning
creating a Receivership
Estate. As Receiver, Mr.
Murena is charged with
complete control and
possession over Drive
Planning's operations,
with marshaling the
assets of Drive
Planning, and with
recovering certain
assets from Defendant
Burkhalter and the named
Relief Defendants for
the benefit of the
investors. The Order
Appointing Receiver and
other relevant court
filings are available
for review under the
Court Documents tab.
In accordance with the
Order Appointing
Receiver, the Receiver
will use his best
efforts to locate and
preserve Drive
Planning's funds and
assets, determine the
value of Drive
Planning's investments,
recover assets held by
Defendant Burkhalter and
Relief Defendants,
identify and communicate
with investors to
determine the amount of
their losses, pursue
Drive Planning's claims
against third parties
holding its assets, and
maximize the value of
the Receivership Estate
for the benefit of
investors.
As a result of the
enforcement action,
distributions to
investors are
indefinitely suspended.
Moreover, the Receiver
is not able to return
any investments at this
time. However, the funds
recovered by the
Receiver will be used to
fund a future claims
process and distribution
for creditors of Drive
Planning and to pay the
administrative expenses
of the Receivership
Estate. The Receiver
will cooperate with the
SEC in a good faith
effort to act in the
best interests of the
Receivership Estate and
to maximize the recovery
for the investors.
The Receiver will keep
all interested parties
updated as to the status
of the Receivership
Estate through the
website
www.driveplanningreceivership.com.
Please feel free to
contact the Receiver's
office by email at
driveplanningreceiver@dvcattorneys.com or
by telephone at (786)
706-9916.
Regards,
Kenneth D. Murena, as
Receiver
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