Newly SEC-Sanctioned Todd Schoenberger Regularly Appeared On Fox News To Decry "Big Government," The Poor, And Global Warming
Blog ››› ››› ERIC HANANOKI
A conservative pundit who regularly appeared on outlets like Fox News, Fox Business, and CNBC used his cable news appearances to defraud investors, according to a government investigation.
The News Journal reported that the Securities and Exchange Commission (SEC) sanctioned Todd Schoenberger after he admitted defrauding four investors of "a total of $130,000 after he told them he would invest it in a hedge fund that had $65 million under management." In reality, "the SEC said, his purported Onshore Fund was a limited partnership that never had any assets to its name. Schoenberger, it said, spent some of the funds investors gave him on a new house and living expenses."
The SEC stated in an order that "Schoenberger has been a frequent investment and stock market guest commentator on national cable television business news programs. He also served as an occasional business news columnist for a national newspaper and national news website. In soliciting investors, Schoenberger touted his appearances on cable news programs to bolster his credibility with investors, create around himself an aura of success, and entice investments in his scheme" (emphasis added).
Indeed, Schoenberger has made countless appearances on various cable news networks as a financial analyst: