UPDATE: This article, originally published at 4:25 p.m. on Thursday, June 4, 2015, has been updated with comment from radio station WGMD.
NEW YORK (TheStreet) -- A onetime commentator for CNBC and Fox Business television channels was ordered to pay more than $69,000 and barred from working in finance after the U.S. Securities and Exchange Commission found he sought investments from his southern Delaware neighbors under false pretenses and used some of the money for a new house.
Between January and July 2013, Todd M. Schoenberger collected $130,000 from four investors by telling them he had $65 million in commitments from a major bank and other prominent investors for LandColt Onshore Fund, a private fund that his LandColt Capital advisory firm planned to establish. Schoenberger gave his backers, who ranged from a textile-mill manager to a retired farmer, notes that promised between 3% and 20% simple interest, the SEC said.
Under the terms of the SEC's order, Schoenberger is "barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal adviser, transfer agent, or nationally recognized statistical rating organization." He is also banned from employment at companies that deal in securities regulated by federal law.
Starting as early as 2007, Schoenberger was a regular guest and contributor to nationally televised business news programs. A YouTube channel for LandColt Capital LP includes videos of appearances as long ago as 2009, while stories he wrote through December 2014 remain accessible on CNBC's website. Neither CNBC nor Fox Business responded to requests for comment.