EBERHARD Says he'll pay them back.
Posted on 06/08/2005 5:12:42 AM PDT by Liz
EBERHARD Says he'll pay them back.
A crooked investment adviser and TV financial-news personality who bilked clients out of $20 million was hammered with a 13-year, 4-month sentence yesterday after his victims told a judge how his deceptions cost them their life savings.
Todd Eberhard showed no signs of emotion as former model Debra Loeffler described how she entrusted him with insurance money she received after her sister died in the Sept. 11 terror attacks — only to learn he'd ripped her off.
"I think he is a depraved and deplorable human being who deserves to be punished to the fullest extent of the law," said Loeffler, who also lost her life savings to the tune of several million dollars.
A second victim, self-made millionaire and Long Island vineyard owner Robert Pellegrini, said he had to abandon his partially constructed dream home and his plans to retire after Eberhard stole nearly all of his $12 million fortune.
Eberhard, 41, lured unsuspecting investors with his TV appearances on CNN and CNNfn and boasts of about managing money for celebrities.
He spent his ill-gotten loot to lease expensive cars and pay hush money to an associate who threatened to expose an extra-marital affair.
Approximately 50 victims fell prey to him over a decade's time, losing millions to his stock churning and excessive commissions, according to Assistant U.S. Attorney John Streeter.
But yesterday the formerly high-flying Eberhard — couldn't smooth-talk his way into a lighter sentence.
Prosecutors had agreed to a sentencing range of 8-to-12 1/2 years when Eberhard pleaded guilty last year — but Sweet found that punishment wasn't harsh enough.
Calling the case "a tragedy," Sweet said Eberhard "devastated his former clients, many of whom were senior citizens, and left them in financial ruin."
(Excerpt) Read more at nypost.com ...
Two axioms apply....A fool and his money are soon parted...Barnum law applies....
Just goes to show the DANGER of watching CNN.
Not that I want to blame the investors, but to me it's amazing that the vineyard owner gave the guy $12M of his money to invest----as the old saying goes----don't put all your eggs in one basket.
Bloodgett, Cramer, Eberhard....what's it take for CNN & CNBC to be held accountable?
Remember Bill Breslin?
No, I don't. Got the details?
Same old, same old......you'd think the powers-that-be at the cable nets would wake up and smell the coffee.
He had a financial talk show on WABC radio in the late 80s.huge following..he ripped off a lot of his listeners..did 5 years jail time..
Thanks.......the ripoff must have included kickbacks from companies whose stock he promoted, eh?
I think so..don't remember all the details..he did a lot of seminars for bucket shop operations....pulled in a lot of people..he had a huge audience following..like the Dolans do today..
Bucket shops? Man, that's a Big tipoff. And Breslin probably claimed he didn't know.
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