TV pundit’s fraud sentence upheld
From Times Wire Services
A federal appeals court upheld the 160-month prison sentence handed down to a former financial news television personality who admitted to fraud, with the court saying the sentence was reasonable.
Todd Eberhard, a stockbroker and frequent guest commentator on CNN’s “Moneyline” and other business news programs, pleaded guilty to 11 counts of investment advisory fraud, wire and mail fraud and obstruction of justice in September 2004.
During his U.S. District Court plea hearing, Eberhard admitted making excessive trades in clients’ mutual fund accounts, in a practice known as churning, to generate commissions for himself. He also admitted to stealing client funds through unauthorized transfers and said his crimes occurred from 1993 to 2003.