Owner of the New York Post (1993), Ponzi scheme at Towers Financial Corporation, Jeffrey Epstein associate
Criminal charges
Five counts of securities fraud, tax evasion, and obstruction of a Securities and Exchange Commission inquiry[1]
Criminal penalty
20 years imprisonment and fine; served 18 years
Spouses
Bailey Edgren (m. 1963) Second wife
Maria Santiago
(m. 2014)
Children
1
Steven Jude Hoffenberg (January 12, 1945 – August 2022)[2] was an American businessman and fraudster. He was the founder, CEO, president, and chairman of Towers Financial Corporation, a debt collection agency, which was later discovered to be a Ponzi scheme.[3] In 1993, he rescued the New York Post from bankruptcy, and briefly owned the paper. Towers Financial collapsed in 1993, and in 1995 Hoffenberg pleaded guilty to bilking investors out of $475 million. He was sentenced to 20 years in prison (serving 18 years), plus a $1 million fine and $463 million in restitution. The U.S. SEC considered his financial crimes to be "one of the largest Ponzi schemes in history".[4]
^"Hoffenberg Pleads Guilty in Massive Securities Fraud: Crime: Financier could face a 25-year sentence. Investors were bilked of $500 million." Archived November 11, 2020, at the Wayback Machine Los Angeles Times.
^Cite error: The named reference BNO was invoked but never defined (see the help page).
^Cite error: The named reference Vanity Fair was invoked but never defined (see the help page).
^"Arrest of Steven Hoffenberg Announced in New York" (PDF). SEC News Digest. February 18, 1994. p. 2. Archived (PDF) from the original on March 20, 2009. Retrieved March 13, 2009.
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