Steven Hoffenberg is the former chairman of Towers Investors, a bill collection agency, that Hoffenburg used in a Ponzi scheme. The firm collapsed in 1993, and in 1995 Hoffenberg pled guilty to bilking investors out of $475 million. Judge Robert W. Sweet sentenced him to 20 years in prison, plus a $1 million fine and $463 million in restitution. He settled a civil suit with the U.S. Securities and Exchange Commission for $60 million. He briefly was the owner of the New York Post.
At the time the SEC considered the fraud to be "one of the largest Ponzi schemes in history."
- Frank, Robert (March 13, 2009). "From Ponzi to Madoff". The Wall Street Journal. Retrieved March 13, 2009.
- Eaton, Leslie (March 8, 1997). "Hoffenberg Gets 20-Year Sentence in Fraud Case". The New York Times. Retrieved March 13, 2009.
- "Arrest of Steven Hoffenberg Announced in New York" (PDF). SEC News Digest. February 18, 1994. p. 2. Retrieved March 13, 2009.
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