Steven Hoffenberg

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Steven Jude Hoffenberg (January 12, 1945 – August 2022) 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 managed the paper while its affairs were in bankruptcy court. 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".