NEW YORK (CN) – The 2nd Circuit upheld the 160-month prison sentence of Todd Eberhard, a stockbroker and former financial pundit on CNN’s “Moneyline,” who pleaded guilty in September 2004 to 11 counts of investment advisory fraud, wire and mail fraud and obstruction of justice.
Eberhard admitted to boosting his commissions through a process called “churning,” or making excessive trades in clients’ mutual-fund accounts. He also said he stole money from clients from 1993 to 2003 through unauthorized transfers.
He asked the appellate court to adopt the lighter, 96-month sentence recommended by the probation officer.
A three-judge panel reminded Eberhard that U.S. District Judge Robert Sweet could have sentenced him to 188 months. “We see no reason to conclude that Eberhard’s sentence … lies outside the scope of what is reasonable,” the appeals court ruled.
He previously worked for Park South Services and EIA in Manhattan.