An Indianapolis broker has been charged by the U.S. Securities and Exchange Commission for his alleged role in a $300 million Ponzi scheme.

On Dec. 19, Gerardo “Gerry” Linarducci, former Managing Partner of Drive Planning LLC, a now-defunct business, and head of its Indiana branch office, was charged with securities fraud by the SEC, who claims he played an “integral role” in a massive fraud scheme related to the company’s “Real Estate Acceleration Loans” program, or “REAL.”

The complaint was filed by the SEC in a Georgia federal court with Drive Planning being based in Atlanta. The company operated as an investment firm that solicited funds from individuals, including some from Indiana.

According to the complaint, investors were promised a “guaranteed” 10% rate of return on their REAL investments, seen as real estate loans to developers. However, investors claim that Drive Planning raised over $336 million in a ponzi scheme.

The SEC said Linarducci, 61, raised over $13 million in investor funds himself, receiving a little over half of that from Drive Planning.

The scheme reportedly went on between September 2020 and May 2024 with over 2,000 people being victims of it.

Linarducci has been charged with three counts of fraud; one count of aiding and abetting fraud; one count of offering and selling unregistered securities; and one count of operating as an unregistered broker.