Long Stretch for Former CNN Pundit Kept Intact

MANHATTAN (CN) - A former stockbroker and pundit for CNN's "Moneyline" still has not given a good reason to reduce his 13-year sentence for fraud and obstruction of justice, a federal judge ruled.

In September 2004, Todd Eberhard pleaded guilty to boosting his commissions through a process called "churning," or making excessive trades in clients' mutual-fund accounts. He also admitted to stealing from clients between 1993 and 2003 through unauthorized transfers.

U.S. District Judge Robert Sweet sentenced him to spend 160 months in prison.

Four years later, the 2nd Circuit rejected Eberhart's appeal for imposition of the lighter, 96-month sentence that the probation officer recommended.

"We see no reason to conclude that Eberhard's sentence ... lies outside the scope of what is reasonable," the three-judge panel wrote in 2008.

On Monday, Sweet declined to grant Eberhard a sentencing reduction that would credit him for the more than four months he spent under house arrest before trial. Home lockdown is "generally not considered to be in prison for which the defendant is afforded credit," the four-page opinion states.

Eberhard has filed "multiple applications" challenging his prison term and the more than $19.8 million restitution he has been forced to pay, according to the ruling.

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Email *

Submit