FISHERS — An Indiana woman has filed a class action lawsuit against an Indianapolis broker who worked as a sales representative for Drive Planning, a financial firm accused of running a Ponzi scheme.
Rachael Lynn Williamson of Indiana and Constance Novoa of New Jersey filed the federal lawsuit on September 6 against Gerardo “Gerry” Linarducci.
The class action complaint, filed by attorneys Jeff Sonn and Ross Good, alleges Linarducci encouraged “countless” people to invest in Drive Planning and caused them to lose “large sums of money.”
Linarducci provided potential investors with Drive Planning promotional materials that touted a “10 percent return” and “$20,000 minimum” to invest, according to the lawsuit.
The lawsuit alleges Linarducci told investors he was the “managing director” of Drive Planning and was “aware, or should have been aware that their investors’ money was unsecured and that the investment vehicle was nothing more than a massive scheme to defraud.”
Linarducci violated the Indiana Securities Act by acting as an unregistered agent, according to the complaint.
“Gerry Linarducci, nor any of the agents who worked under or with him, were not registered to sell securities,” read the lawsuit.
WRTV Investigates asked the Indiana Secretary of State’s office if they’re looking into Linarducci and whether he is registered in Indiana.
“Indiana Securities Division records to not show Gerardo Lorenzo Linarducci to be currently registered in Indiana as an investment advisor, loan broker, investment broker-dealer or agent,” said Lindsey Eaton, communications director at the Secretary of State, in an email. “The Securities Division does not comment on investigation and law enforcement activities.”
WRTV Investigates broke the story last month about the U.S. Securities and Exchange Commission (SEC)’s action against the Georgia-based financial company and its CEO for allegedly running a $300 million Ponzi scheme.
The SEC’s complaint alleges that, from 2020 through at least June 2024, Drive Planning and its CEO Russell Todd Burkhalter raised more than $300 million for purported real estate investments, telling investors their money would be used to fund land development projects.
The FBI is also conducting its own criminal investigation into Drive Planning LLC, which has offices in Florida, Georgia and Fishers Indiana.
The class action lawsuit is the first action that details Linarducci’s alleged involvement and the Indiana ties to Drive Planning LLC.
It seeks $5 million in damages.
On June 10, 2024 , Burkhalter pledged to cease paying commissions to Drive Planning sales agents; but Burkhalter paid sales commissions to agents including Linarducci on June 21, 2024, according to the complaint.
The class action complaint, filed in the U.S. District Court Southern District of Indiana, also names two of Linarducci’s Indiana firms-- Integrity Wealth Partners and Ducci Enterprise LLC.
Linarducci used those companies to solicit Drive Planning investments, according to the class action lawsuit.
At Linarducci’s urging, Rachel Williamson of Indiana invested $112,000 with Drive Planning in 2022.
In June 2024, she texted Linarducci to inquire as to why she had not yet received her funds from Drive Planning.
Several of her texts went unanswered, according to the complaint.
On June 25, 2024, Linarducci said he had resigned his position with Drive Planning and indicated that Drive Planning was under scrutiny by the government.
WRTV Investigates emailed Linarducci and did not hear back.
WRTV called his phone number and someone answered “Gerry speaking.”
Once Kara Kenney identified herself, he hung up.
Property records show he has owned a million dollar home near Geist Reservoir since July 2023.
You can contact WRTV Investigates Kara Kenney at kara.kenney@wrtv.com
