NASD Bars Eberhard From Securities Industry
Investment advisor Todd Eberhard, who pleaded guilty in September to federal charges that he defrauded clients of as much as $20 million, has agreed to be barred from the investment industry, the NASD said Monday.
The NASD alleged that Eberhard, former president of New York-based Eberhard Investment Associates, defrauded and deceived his customers between 1998 and 2001 by frequently trading in their accounts to drive up his commissions, making unauthorized trades and drafting fake account statements that inflated the value of the accounts.
The NASD, formerly known as the National Assn. of Securities Dealers, alleged that while resolving 10 customer complaints, Eberhard included legal language intended to prevent them from cooperating with the NASD’s investigation.
Eberhard was once a frequent guest on Cable News Network’s “MoneyLine” and similar programs. His attorney declined to comment.
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