Steven Hoffenberg

Who is Steven Hoffenberg?

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."