According to delawareonline.com, Schoenberger was sanctioned by the SEC for "fraudulent conduct in the offer or sale of securities." The statement outlined Schoenberger's role in convincing four investors to give him a total of $130,000 after he told them he would invest it in a hedge fund that had $65 million under management.
In fact, 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.
On Monday, only two days before the SEC made public its investigation of Shoenberger, he started an afternoon on-air position at Talk WGMD 92.7 FM in Lewes, DE.
Schoenberger declined comment on the SEC settlement.