Steven Hoffenberg 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.
In 1993, he rescued the New York Post from bankruptcy, and briefly owned the paper.
Hoffenberg began using Towers Financial funds to pay off earlier investors and pay for a lavish lifestyle that included a Locust Valley, New York, Long Island mansion, as well as homes on Sutton Place (in Manhattan) and in Florida, and several cars and planes.
In 1995 Steven Hoffenberg pleaded guilty to bilking investors out of $475 million.
He was sentenced to 20 years in prison (serving 18 years), with a $1 million fine and $463 million in restitution.
The U.S. SEC considered Steven Hoffenberg’s financial crimes to be “one of the largest Ponzi schemes in history”.
Steven Hoffenberg Children: Did Steven Hoffenberg Have Kids?
Steven Hoffenberg could have had kids but they are unknown.