A Federal appeals court yesterday upheld a 160-month, or 13-year, three-month, sentence for stockbroker and frequent CNN guest Todd Eberhard.
Ebherhard admitted in 2004 to churning clients money in mutual funds, pleading guilty to 11 counts of wire, mail and advisor fraud, and obstruction of justice.
Eberhard had been affiliated with registered investment advisory firm Park South Securities and EIA.
Eberhard appealed his sentence, hoping the 96 months he had served in probation would suffice. But on Monday, the Second U.S. Circuit Court of Appeals ruled that Eberhard could have been sentenced to 188 months.