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'''Towers Financial Corporation''' was a [[Manhattan, New York]], [[debt collection]] agency.<ref name="auto1">{{Cite web|url=https://www.cbsnews.com/news/jeffrey-epstein-worked-at-towers-financial-with-stephen-hoffenberg-who-committed-ponzi-scheme-crimes/|title=Jeffrey Epstein worked at financial firm that engaged in massive Ponzi scheme in 1980s and 1990s|date=August 13, 2019|work=CBS News}}</ref><ref name="auto">[https://www.washingtonpost.com/archive/business/1993/02/16/the-sec-vs-steven-hoffenberg-a-case-of-leaning-fortunes-at-towers-financial/0e51bbc0-4dbc-46fc-b38f-1f9df26abb5f/ "THE SEC VS. STEVEN HOFFENBERG: A CASE OF LEANING FORTUNES AT TOWERS FINANCIAL?,"] ''The Washington Post'', February 16, 1993.</ref> Between 1988 and 1993, Towers Financial ran a [[Ponzi scheme]] that was the largest financial fraud in American history prior to [[Bernie Madoff]]'s ten years later.
'''Towers Financial Corporation''' was a [[Manhattan, New York]], [[debt collection]] agency.<ref name="auto1">{{Cite web|url=https://www.cbsnews.com/news/jeffrey-epstein-worked-at-towers-financial-with-stephen-hoffenberg-who-committed-ponzi-scheme-crimes/|title=Jeffrey Epstein worked at financial firm that engaged in massive Ponzi scheme in 1980s and 1990s|author=Brian Pascus and Mola Lenghi |date=August 13, 2019|work=CBS News}}</ref><ref name="auto">Allan Sloan (February 16, 1993). [https://www.washingtonpost.com/archive/business/1993/02/16/the-sec-vs-steven-hoffenberg-a-case-of-leaning-fortunes-at-towers-financial/0e51bbc0-4dbc-46fc-b38f-1f9df26abb5f/ "THE SEC VS. STEVEN HOFFENBERG: A CASE OF LEANING FORTUNES AT TOWERS FINANCIAL?,"] ''The Washington Post''.</ref> Between 1988 and 1993, Towers Financial ran a [[Ponzi scheme]] that was the largest financial fraud in American history prior to [[Bernie Madoff]]'s ten years later.


==History==
==History==
The company, founded in the early 1970s in [[downtown Manhattan]] and incorporated in [[Delaware]], was a [[debt collection]] agency that paid a penny on the dollar for loans that sellers viewed as worthless, focusing on debts that people owed to hospitals, banks, and phone companies.<ref>{{cite web|url=https://www.editorandpublisher.com/news/averting-a-crisis-p/ |title=Averting a Crisis – Newspaper & News Publishing Industry News |work=Editor & Publisher Magazine |date=2011-05-04 |accessdate=2020-06-10}}</ref><ref>{{Cite web|url=https://sec.report/CIK/0000726478/amp|title=Towers Financial Corp SEC Registration|website=sec.report}}</ref><ref>{{Cite web|url=https://www.nytimes.com/1987/11/09/business/business-people-suitor-undaunted-by-pan-am-doubts.html|title=BUSINESS PEOPLE; Suitor Undaunted By Pan Am Doubts|first=Agis|last=Salpukas|date=November 9, 1987|work=The New York Times}}</ref><ref name="auto"/> [[Steven Hoffenberg]] was its founder, CEO, President, and Chairman.<ref name="towersinvestors1">STEVEN JUDE HOFFENBERG [http://www.towersinvestors.com/wp-content/uploads/2010/12/towers-collection.pdf "GUARANTEED COLLECTION CORPORATION'S JOINT VENTURE WITH SOME THREE HUNDRED (300) SMALL COLLECTION AGENCIES; INTRODUCTION INTO THE MR. HOFFENBERG PAST OWNERSHIP OF TOWERS FINANCIAL CORPORATION HEREINAFTER, TFC, WHICH WAS DEPOSITING lk BILLION DOLLARS PER YEAR IN 1992-1993"]</ref><ref name="justia1">{{Cite web|url=https://law.justia.com/cases/federal/district-courts/FSupp2/248/303/2422199/|title=Hoffenberg v. Hoffman & Pollok, 248 F. Supp. 2d 303 (S.D.N.Y. 2003)|website=Justia Law}}</ref><ref name="vanityfair2003">{{cite web|last=Ward |first=Vicky |url=https://www.vanityfair.com/news/2003/03/jeffrey-epstein-200303 |title=The Talented Mr. Epstein |work=Vanity Fair |date=2011-06-27 |accessdate=2020-06-10}}</ref><ref name="govinfocv">[https://www.govinfo.gov/content/pkg/USCOURTS-njd-1_10-cv-02788/pdf/USCOURTS-njd-1_10-cv-02788-0.pdf ''Hoffenberg v. US,''] February 6, 2012.</ref><ref>Alana Goodman and Daniel Halper (2020). [https://www.google.com/books/edition/A_Convenient_Death/j4LJDwAAQBAJ?hl=en&gbpv=1&dq=Towers+Financial+Corporation&pg=PA55&printsec=frontcover ''A Convenient Death'']</ref><ref>{{Cite web|url=https://www.baltimoresun.com/news/bs-xpm-1994-02-18-1994049130-story.html|title=Former CEO charged with fraud; Steven Hoffenberg, who...|first=|last=|work=Baltimore Sun|date=February 18, 1994}}</ref>
The company, founded in the early 1970s in [[downtown Manhattan]] and incorporated in [[Delaware]], was a [[debt collection]] agency that paid a penny on the dollar for loans that sellers viewed as worthless, focusing on debts that people owed to hospitals, banks, and phone companies.<ref>{{cite web|url=https://www.editorandpublisher.com/news/averting-a-crisis-p/ |title=Averting a Crisis – Newspaper & News Publishing Industry News |work=Editor & Publisher Magazine |date=2011-05-04|author= George Garneau|accessdate=2020-06-10}}</ref><ref>{{Cite web|url=https://sec.report/CIK/0000726478/amp|title=Towers Financial Corp SEC Registration|website=sec.report}}</ref><ref>{{Cite web|url=https://www.nytimes.com/1987/11/09/business/business-people-suitor-undaunted-by-pan-am-doubts.html|title=BUSINESS PEOPLE; Suitor Undaunted By Pan Am Doubts|first=Agis|last=Salpukas|date=November 9, 1987|work=The New York Times}}</ref><ref name="auto"/> [[Steven Hoffenberg]] was its founder, CEO, President, and Chairman.<ref name="towersinvestors1">STEVEN JUDE HOFFENBERG [http://www.towersinvestors.com/wp-content/uploads/2010/12/towers-collection.pdf "GUARANTEED COLLECTION CORPORATION'S JOINT VENTURE WITH SOME THREE HUNDRED (300) SMALL COLLECTION AGENCIES; INTRODUCTION INTO THE MR. HOFFENBERG PAST OWNERSHIP OF TOWERS FINANCIAL CORPORATION HEREINAFTER, TFC, WHICH WAS DEPOSITING lk BILLION DOLLARS PER YEAR IN 1992-1993"]</ref><ref name="justia1">{{Cite web|url=https://law.justia.com/cases/federal/district-courts/FSupp2/248/303/2422199/|title=Hoffenberg v. Hoffman & Pollok, 248 F. Supp. 2d 303 (S.D.N.Y. 2003)|website=Justia Law}}</ref><ref name="vanityfair2003">{{cite web|last=Ward |first=Vicky |url=https://www.vanityfair.com/news/2003/03/jeffrey-epstein-200303 |title=The Talented Mr. Epstein |work=Vanity Fair |date=2011-06-27 |accessdate=2020-06-10}}</ref><ref name="govinfocv">[https://www.govinfo.gov/content/pkg/USCOURTS-njd-1_10-cv-02788/pdf/USCOURTS-njd-1_10-cv-02788-0.pdf ''Hoffenberg v. US,''] February 6, 2012.</ref><ref>Alana Goodman and Daniel Halper (2020). [https://www.google.com/books/edition/A_Convenient_Death/j4LJDwAAQBAJ?hl=en&gbpv=1&dq=Towers+Financial+Corporation&pg=PA55&printsec=frontcover ''A Convenient Death'']</ref><ref>{{Cite web|url=https://www.baltimoresun.com/news/bs-xpm-1994-02-18-1994049130-story.html|title=Former CEO charged with fraud; Steven Hoffenberg, who...|first=|last=|work=Baltimore Sun|date=February 18, 1994}}</ref>


Hoffenberg hired [[Jeffrey Epstein]] in 1987 to help with the Towers Financial Corporation.<ref name="vanityfair2003"/><ref name="auto1"/> They unsuccessfully tried to take over [[Pan American World Airways|Pan Am]] in a [[corporate raid]] with Towers Financial as their raiding vessel. Their bid failed, in part because of the 1988 [[terrorist]] [[bombing]] of [[Pan Am Flight 103]] over [[Lockerbie]], which ultimately contributed to the airline's bankruptcy. A similar unsuccessful bid in 1988 was made to take over [[Emery Worldwide|Emery Air Freight Corp]].<ref name="vanityfair2003"/>
Hoffenberg hired [[Jeffrey Epstein]] in 1987 to help with the Towers Financial Corporation.<ref name="vanityfair2003"/><ref name="auto1"/> They unsuccessfully tried to take over [[Pan American World Airways|Pan Am]] in a [[corporate raid]] with Towers Financial as their raiding vessel. Their bid failed, in part because of the 1988 [[terrorist]] [[bombing]] of [[Pan Am Flight 103]] over [[Lockerbie]], which ultimately contributed to the airline's bankruptcy. A similar unsuccessful bid in 1988 was made to take over [[Emery Worldwide|Emery Air Freight Corp]].<ref name="vanityfair2003"/>
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Between 1988 and 1993, Towers Financial raised over $400 million by selling [[bond]]s and [[promissory note]]s to investors, luring them in using false [[financial statement]]s.<ref name="auto2">UNITED STATES SECURITIES AND EXCHANGE COMMISSION (September 17, 1996).[https://www.sec.gov/litigation/litreleases/lr15053.txt "Litigation Release No. 15053 / Accounting and Auditing Enforcement Release No.816; SECURITIES AND EXCHANGE COMMISSION v. MICHAEL ROSOFF,"] 96 Civ. 7064 (WK) S.D.N.Y.</ref><ref>{{Cite web|url=https://www.mirror.co.uk/tv/tv-news/jeffrey-epstein-net-worth-how-22101703|title=Jeffrey Epstein net worth - how pedophile financier made his millions|first=Dave|last=Stubbings|date=May 30, 2020|website=Mirror}}</ref><ref name="auto1"/> Hoffenberg and his associates then used the money they had raised to pay operating costs, repay earlier investors, and to pay themselves.<ref name="auto1"/> Hoffenberg began using Towers Financial funds to pay off earlier investors and pay for a lavish lifestyle that included a [[Long Island]] mansion, homes on [[Sutton Place]] in [[Manhattan]] and in Florida, and a number of cars and planes.<ref name="vanityfair2003"/> The [[Ponzi scheme]] was the largest financial fraud in American history prior to [[Bernie Madoff]]'s ten years later.<ref name="auto1"/>
Between 1988 and 1993, Towers Financial raised over $400 million by selling [[bond]]s and [[promissory note]]s to investors, luring them in using false [[financial statement]]s.<ref name="auto2">UNITED STATES SECURITIES AND EXCHANGE COMMISSION (September 17, 1996).[https://www.sec.gov/litigation/litreleases/lr15053.txt "Litigation Release No. 15053 / Accounting and Auditing Enforcement Release No.816; SECURITIES AND EXCHANGE COMMISSION v. MICHAEL ROSOFF,"] 96 Civ. 7064 (WK) S.D.N.Y.</ref><ref>{{Cite web|url=https://www.mirror.co.uk/tv/tv-news/jeffrey-epstein-net-worth-how-22101703|title=Jeffrey Epstein net worth - how pedophile financier made his millions|first=Dave|last=Stubbings|date=May 30, 2020|website=Mirror}}</ref><ref name="auto1"/> Hoffenberg and his associates then used the money they had raised to pay operating costs, repay earlier investors, and to pay themselves.<ref name="auto1"/> Hoffenberg began using Towers Financial funds to pay off earlier investors and pay for a lavish lifestyle that included a [[Long Island]] mansion, homes on [[Sutton Place]] in [[Manhattan]] and in Florida, and a number of cars and planes.<ref name="vanityfair2003"/> The [[Ponzi scheme]] was the largest financial fraud in American history prior to [[Bernie Madoff]]'s ten years later.<ref name="auto1"/>


In February 1993, the [[Securities and Exchange Commission]] charged that the company, while fraudulently reporting a profit of $13 million for the four years ended June 30, 1991, actually lost $137 million.<ref name="auto2"/><ref name="auto4">{{Cite web|url=https://apnews.com/c4168bcf56c56ca06bd10bb394df1fb3|title=SEC Sues Buyer of NY Post For Fraud|date=February 8, 1993|work=AP News}}</ref><ref name="auto"/> In March 1993, Towers Financial filed for [[bankruptcy]] protection under [[Chapter 11]] of the [[Title 11 of the United States Code|United States Bankruptcy Code]].<ref name="auto3">{{Cite web|url=https://www.npr.org/2019/08/14/751153024/jeffrey-epsteins-former-business-associate-i-want-to-assist-victims|title=Jeffrey Epstein's Former Business Associate: I Want To Assist Victims|date=August 14, 2019|work=NPR}}</ref><ref name="auto2"/>
In February 1993, the [[Securities and Exchange Commission]] charged that the company, while fraudulently reporting a profit of $13 million for the four years ended June 30, 1991, actually lost $137 million.<ref name="auto2"/><ref name="auto4">{{Cite web|url=https://apnews.com/c4168bcf56c56ca06bd10bb394df1fb3|title=SEC Sues Buyer of NY Post For Fraud|date=February 8, 1993|work=AP News}}</ref><ref name="auto"/> In March 1993, Towers Financial filed for [[bankruptcy]] protection under [[Chapter 11]] of the [[Title 11 of the United States Code|United States Bankruptcy Code]].<ref name="auto3">{{Cite web|url=https://www.npr.org/2019/08/14/751153024/jeffrey-epsteins-former-business-associate-i-want-to-assist-victims|title=Jeffrey Epstein's Former Business Associate: I Want To Assist Victims|date=August 14, 2019|author=Jim Zarolli|work=NPR}}</ref><ref name="auto2"/>


Hoffenberg pleaded guilty in April 1995 to five criminal charges, cheating thousands of investors out of $462 million, surrendered to the [[FBI]] in Manhattan, and was [[arraign]]ed and released on [[bail]].<ref>{{Cite web|url=https://www.sun-sentinel.com/news/fl-xpm-1997-03-06-9703050424-story.html|title=Legal|date=March 6, 1997|first=|last=|work=South Florida Sun-Sentinel}}</ref><ref>{{Cite web|url=https://www.tampabay.com/archive/1994/02/18/financial-executive-faces-fraud-charges/|title=Financial executive faces fraud charges|date=October 6, 2005|website=Tampa Bay Times}}</ref><ref name="auto5">{{Cite web|url=https://www.chicagotribune.com/news/ct-xpm-1997-03-07-9703080141-story.html|title=Hoffenberg sentenced to 20 years: Towers Financial...|first=|last=|work=Chicago Tribune|date=March 7, 1997}}</ref><ref>{{Cite web|url=https://www.nytimes.com/2017/08/12/style/trump-tower-famous-residents.html|title=Trump Tower, a Home for Celebrities and Charlatans|first=Jacob|last=Bernstein|date=August 12, 2017|work=The New York Times}}</ref><ref>{{Cite web|url=https://www.theatlantic.com/business/archive/2016/12/pyschology-white-collar-criminal/503408/|title=The Psychology of White-Collar Criminals|first=Eugene|last=Soltes|date=December 14, 2016|website=The Atlantic}}</ref><ref>{{Cite web|url=https://nymag.com/intelligencer/2019/07/jeffrey-epstein-high-society-contacts.html|title=The High Society That Surrounded Jeffrey Epstein|first=|last=|date=July 22, 2019|work=Intelligencer}}</ref><ref name="auto1"/> He was sentenced in 1997 by federal judge [[Robert Sweet]] to 20 years in prison, and was released in 2013, after serving 18 years.<ref>{{Cite web|url=https://www.wsj.com/articles/SB857946183858795000|title=Towers' Hoffenberg Gets 20 Years in Jail|first=|last=|date=March 10, 1997|work=The Wall Street Journal}}</ref><ref name="auto1"/><ref name="auto3"/> He was also sentenced to pay restitution of $462 million and a $1 million fine.<ref name="auto5"/>
Hoffenberg pleaded guilty in April 1995 to five criminal charges, cheating thousands of investors out of $462 million, surrendered to the [[FBI]] in Manhattan, and was [[arraign]]ed and released on [[bail]].<ref>{{Cite web|url=https://www.sun-sentinel.com/news/fl-xpm-1997-03-06-9703050424-story.html|title=Legal|date=March 6, 1997|first=|last=|work=South Florida Sun-Sentinel}}</ref><ref>{{Cite web|url=https://www.tampabay.com/archive/1994/02/18/financial-executive-faces-fraud-charges/|title=Financial executive faces fraud charges|date=October 6, 2005|website=Tampa Bay Times}}</ref><ref name="auto5">{{Cite web|url=https://www.chicagotribune.com/news/ct-xpm-1997-03-07-9703080141-story.html|title=Hoffenberg sentenced to 20 years: Towers Financial...|first=|last=|work=Chicago Tribune|date=March 7, 1997}}</ref><ref>{{Cite web|url=https://www.nytimes.com/2017/08/12/style/trump-tower-famous-residents.html|title=Trump Tower, a Home for Celebrities and Charlatans|first=Jacob|last=Bernstein|date=August 12, 2017|work=The New York Times}}</ref><ref>{{Cite web|url=https://www.theatlantic.com/business/archive/2016/12/pyschology-white-collar-criminal/503408/|title=The Psychology of White-Collar Criminals|first=Eugene|last=Soltes|date=December 14, 2016|website=The Atlantic}}</ref><ref>{{Cite web|url=https://nymag.com/intelligencer/2019/07/jeffrey-epstein-high-society-contacts.html|title=The High Society That Surrounded Jeffrey Epstein|first=|last=|date=July 22, 2019|work=Intelligencer}}</ref><ref name="auto1"/> He was sentenced in 1997 by federal judge [[Robert Sweet]] to 20 years in prison, and was released in 2013, after serving 18 years.<ref>{{Cite web|url=https://www.wsj.com/articles/SB857946183858795000|title=Towers' Hoffenberg Gets 20 Years in Jail|first=|last=|date=March 10, 1997|work=The Wall Street Journal}}</ref><ref name="auto1"/><ref name="auto3"/> He was also sentenced to pay restitution of $462 million and a $1 million fine.<ref name="auto5"/>


Towers Financial executives Mitchell Brater (Vice Chairman) and Michael Rosoff (chief legal officer) were handed prison sentences of seven to nine years, and Rosoff was disbarred.<ref>[https://caselaw.findlaw.com/ny-supreme-court-appellate-division/1359766.html "IN RE: Michael E. ROSOFF,"] July 6, 2000.</ref><ref name="auto4"/><ref name="auto1"/> Epstein was not charged.<ref name="auto1"/><ref name="auto2"/> In July 2019, Hoffenberg claimed that Epstein was his “uncharged co-conspirator” in the Ponzi scheme.<ref>{{cite web|first1=Kate|last1=Briquelet|first2=Tracy|last2=Conner|url=https://www.thedailybeast.com/did-jeffrey-epstein-help-steven-hoffenberg-swindle-dollar460-million-in-ponzi-scheme?source=TDB&via=FB_Page|title=Ponzi Scheme Victims Say Epstein Swindled Them|website=[[Daily Beast]]|date=July 14, 2019}}</ref>
Towers Financial executives Mitchell Brater (Vice Chairman) and Michael Rosoff (chief legal officer) were handed prison sentences of seven to nine years, and Rosoff was disbarred.<ref>[https://caselaw.findlaw.com/ny-supreme-court-appellate-division/1359766.html "In Re: Michael E. Rosoff,"] July 6, 2000.</ref><ref name="auto4"/><ref name="auto1"/> Epstein was not charged.<ref name="auto1"/><ref name="auto2"/> In July 2019, Hoffenberg claimed that Epstein was his “uncharged co-conspirator” in the Ponzi scheme.<ref>{{cite web|first1=Kate|last1=Briquelet|first2=Tracy|last2=Conner|url=https://www.thedailybeast.com/did-jeffrey-epstein-help-steven-hoffenberg-swindle-dollar460-million-in-ponzi-scheme?source=TDB&via=FB_Page|title=Ponzi Scheme Victims Say Epstein Swindled Them|website=[[Daily Beast]]|date=July 14, 2019}}</ref>


== References ==
== References ==

Revision as of 06:10, 11 June 2020

Towers Financial Corporation
Company typedebt collection agency
FoundedEarly 1970s in Delaware
FounderSteven Hoffenberg
FateFiled for bankruptcy protection (March 1993)
Headquarters
New York City
,
United States

Towers Financial Corporation was a Manhattan, New York, debt collection agency.[1][2] Between 1988 and 1993, Towers Financial ran a Ponzi scheme that was the largest financial fraud in American history prior to Bernie Madoff's ten years later.

History

The company, founded in the early 1970s in downtown Manhattan and incorporated in Delaware, was a debt collection agency that paid a penny on the dollar for loans that sellers viewed as worthless, focusing on debts that people owed to hospitals, banks, and phone companies.[3][4][5][2] Steven Hoffenberg was its founder, CEO, President, and Chairman.[6][7][8][9][10][11]

Hoffenberg hired Jeffrey Epstein in 1987 to help with the Towers Financial Corporation.[8][1] They unsuccessfully tried to take over Pan Am in a corporate raid with Towers Financial as their raiding vessel. Their bid failed, in part because of the 1988 terrorist bombing of Pan Am Flight 103 over Lockerbie, which ultimately contributed to the airline's bankruptcy. A similar unsuccessful bid in 1988 was made to take over Emery Air Freight Corp.[8]

Between 1988 and 1993, Towers Financial raised over $400 million by selling bonds and promissory notes to investors, luring them in using false financial statements.[12][13][1] Hoffenberg and his associates then used the money they had raised to pay operating costs, repay earlier investors, and to pay themselves.[1] Hoffenberg began using Towers Financial funds to pay off earlier investors and pay for a lavish lifestyle that included a Long Island mansion, homes on Sutton Place in Manhattan and in Florida, and a number of cars and planes.[8] The Ponzi scheme was the largest financial fraud in American history prior to Bernie Madoff's ten years later.[1]

In February 1993, the Securities and Exchange Commission charged that the company, while fraudulently reporting a profit of $13 million for the four years ended June 30, 1991, actually lost $137 million.[12][14][2] In March 1993, Towers Financial filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code.[15][12]

Hoffenberg pleaded guilty in April 1995 to five criminal charges, cheating thousands of investors out of $462 million, surrendered to the FBI in Manhattan, and was arraigned and released on bail.[16][17][18][19][20][21][1] He was sentenced in 1997 by federal judge Robert Sweet to 20 years in prison, and was released in 2013, after serving 18 years.[22][1][15] He was also sentenced to pay restitution of $462 million and a $1 million fine.[18]

Towers Financial executives Mitchell Brater (Vice Chairman) and Michael Rosoff (chief legal officer) were handed prison sentences of seven to nine years, and Rosoff was disbarred.[23][14][1] Epstein was not charged.[1][12] In July 2019, Hoffenberg claimed that Epstein was his “uncharged co-conspirator” in the Ponzi scheme.[24]

References

  1. ^ a b c d e f g h i Brian Pascus and Mola Lenghi (August 13, 2019). "Jeffrey Epstein worked at financial firm that engaged in massive Ponzi scheme in 1980s and 1990s". CBS News.
  2. ^ a b c Allan Sloan (February 16, 1993). "THE SEC VS. STEVEN HOFFENBERG: A CASE OF LEANING FORTUNES AT TOWERS FINANCIAL?," The Washington Post.
  3. ^ George Garneau (2011-05-04). "Averting a Crisis – Newspaper & News Publishing Industry News". Editor & Publisher Magazine. Retrieved 2020-06-10.
  4. ^ "Towers Financial Corp SEC Registration". sec.report.
  5. ^ Salpukas, Agis (November 9, 1987). "BUSINESS PEOPLE; Suitor Undaunted By Pan Am Doubts". The New York Times.
  6. ^ STEVEN JUDE HOFFENBERG "GUARANTEED COLLECTION CORPORATION'S JOINT VENTURE WITH SOME THREE HUNDRED (300) SMALL COLLECTION AGENCIES; INTRODUCTION INTO THE MR. HOFFENBERG PAST OWNERSHIP OF TOWERS FINANCIAL CORPORATION HEREINAFTER, TFC, WHICH WAS DEPOSITING lk BILLION DOLLARS PER YEAR IN 1992-1993"
  7. ^ "Hoffenberg v. Hoffman & Pollok, 248 F. Supp. 2d 303 (S.D.N.Y. 2003)". Justia Law.
  8. ^ a b c d Ward, Vicky (2011-06-27). "The Talented Mr. Epstein". Vanity Fair. Retrieved 2020-06-10.
  9. ^ Hoffenberg v. US, February 6, 2012.
  10. ^ Alana Goodman and Daniel Halper (2020). A Convenient Death
  11. ^ "Former CEO charged with fraud; Steven Hoffenberg, who..." Baltimore Sun. February 18, 1994.
  12. ^ a b c d UNITED STATES SECURITIES AND EXCHANGE COMMISSION (September 17, 1996)."Litigation Release No. 15053 / Accounting and Auditing Enforcement Release No.816; SECURITIES AND EXCHANGE COMMISSION v. MICHAEL ROSOFF," 96 Civ. 7064 (WK) S.D.N.Y.
  13. ^ Stubbings, Dave (May 30, 2020). "Jeffrey Epstein net worth - how pedophile financier made his millions". Mirror.
  14. ^ a b "SEC Sues Buyer of NY Post For Fraud". AP News. February 8, 1993.
  15. ^ a b Jim Zarolli (August 14, 2019). "Jeffrey Epstein's Former Business Associate: I Want To Assist Victims". NPR.
  16. ^ "Legal". South Florida Sun-Sentinel. March 6, 1997.
  17. ^ "Financial executive faces fraud charges". Tampa Bay Times. October 6, 2005.
  18. ^ a b "Hoffenberg sentenced to 20 years: Towers Financial..." Chicago Tribune. March 7, 1997.
  19. ^ Bernstein, Jacob (August 12, 2017). "Trump Tower, a Home for Celebrities and Charlatans". The New York Times.
  20. ^ Soltes, Eugene (December 14, 2016). "The Psychology of White-Collar Criminals". The Atlantic.
  21. ^ "The High Society That Surrounded Jeffrey Epstein". Intelligencer. July 22, 2019.
  22. ^ "Towers' Hoffenberg Gets 20 Years in Jail". The Wall Street Journal. March 10, 1997.
  23. ^ "In Re: Michael E. Rosoff," July 6, 2000.
  24. ^ Briquelet, Kate; Conner, Tracy (July 14, 2019). "Ponzi Scheme Victims Say Epstein Swindled Them". Daily Beast.
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