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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
01/01/2020
Class period Start
09/06/2024
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
Motion to dismiss
Alleged Offence
Misleading Statements
Financial Misrepresentation
Suspected Party
Directors
Management
Security Type
Interest Rate
Trade Direction
Long
Shock Event Date
08/13/2024
Filing date
09/06/2024
Judge
Tanya Walton Pratt
Collecting participants…

Integrity Wealth Partners

"Integrity Wealth Partners is a U.S.-based wealth management firm that provides financial advisory services, helping clients navigate major life events and secure their financial future. The firm s...

    Ticker
    IntegrityWP.PRVT
    CIK
    000167314
    Sector
    Financial
    Country
    USA
    Address
    7540 Windsor Drive, Suite 206, Allentown, PA 18195