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IntegrityWP.PRVT
id: 1339

Integrity Wealth Partners (IWP) Ponzi Scheme Case

S.D. Indiana
Court
1:24-cv-01526
Case number
01 Jan 2020
Class period Start
06 Sept 2024
Class period End
$IWP investors filed a claim against Integrity Wealth Partners for promoting fraudulent investments in a Ponzi scheme, causing significant financial losses.
  • On August 13, 2024, the SEC got a court order against Drive Planning, revealing a $300 million Ponzi scheme that affected more than 2,000 investors.
  • Affected $IWP investors may join the claim to be notified about potential recovery.
On September 22, 2020, Drive Planning, began offering "Real Estate Acceleration Loans (REAL)" to investors, promising a 10% return every three months.
  • The investments were unregistered securities used to fund a Ponzi scheme.
According to the SEC, the scheme was orchestrated by Drive Planning's founder, Russell Todd Burkhalter, who used investors’ money to finance a lavish lifestyle, including buying a multimillion-dollar yacht, luxury cars, and private jets.
  • Integrity Wealth Partners, led by Gerardo Lorenzo Linarducci, recommended these investments to clients, ignoring their financial risk tolerance.
On this news, $IWP investors suffered substantial losses as their funds were never secured or invested in real assets.

Based on these events, $IWP stockholders filed a claim against Integrity Wealth Partners and its leaders, accusing them of the following details:
  • Promoting fraudulent investment schemes without disclosing the risks.
  • Misleading investors about the security and legitimacy of the "REAL" investments, which were unregistered securities.
Considering these allegations, investors have reason to believe that Integrity Wealth Partners knowingly promoted a Ponzi scheme, leading to significant financial losses.

One of $IWP’s investors has already filed a claim against Integrity Wealth Partners in the U.S. District Court for the Southern District of Indiana
Case Status
Initial Complaint
Alleged Offence
Misleading Statements, 
Financial Misrepresentation
Suspected Party
Directors, 
Management
Security Type
Interest Rate
Trade Direction
Long
Shock Event Date
13 August 2024
Filing date
06 September 2024
Judge
Tanya Walton Pratt
Collecting participants…