Former founder, CEO, president, and chairman of Towers Financial Corporation, a debt collecting business that was later shown to be a Ponzi scheme, was Steven Jude Hoffenberg. In Brooklyn, New York, in the United States of America, he was born in 1945. On August 23, 2022, he passed away at the age of 77.

Steven established Towers Financial Corporation in New York City at the start of the 1970s with the intention of purchasing consumer debt owing to hospitals, banks, and phone companies. He served as president, chairman, and CEO of the company, but in the end, it was shown to be a Ponzi scheme.

For three months in 1993, he was the owner of the pro-conservative daily tabloid newspaper New York Post. Due to widespread layoffs, a staff strike, missing publications, and indebtedness, his administration came to an abrupt end in March 1993. He was apprehended in February 1994.

The judge sentenced him to 20 years in jail, a $1 million fine, and $463 million in restitution in 1997. He was freed, according to the Bureau of Prisons, in October 2013. He paid $60 million to resolve a civil lawsuit with the US Securities and Exchange Commission.

Does Steven Hoffenberg Have Children?

It is currently unknown if Steven Hoffenberg ever had children. He never made it known when he was alive.


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