Steven Jude Hoffenberg was the former founder, CEO, president, and chairman of Towers Financial Corporation, a debt collection company that was later shown to be a Ponzi scheme. He was born in 1945 in Brooklyn, New York, in the United States of America. He died on August 23, 2022, at the age of 77.
Early in the 1970s, Steven founded Towers Financial Corporation in New York City with the goal of buying consumer debt owed to hospitals, banks, and phone companies. He held the positions of president, chairman, and chief executive officer, but the business ultimately revealed itself to be a Ponzi scheme. He owned the conservative-leaning daily tabloid newspaper New York Post for three months in 1993.
His rule came to an abrupt end in March 1993 due to widespread layoffs, a staff strike, missing publications, and insolvency. He was taken into custody in February 1994, and in 1997 the judge gave him a 20-year prison term, a $1 million fine, and a $463 million restitution order. In October 2013, he was released, according to the Bureau of Prisons. He settled a civil action with the US Securities and Exchange Commission for $60 million.
Is Steven Hoffenberg Still Rich?
As at the time of his death, he has a net worth of about $5 million so yh, he was rich.