Steven Hoffenberg

Steven Hoffenberg is the chairman of Towersinvestors.com,a financial services company and the online newspaper, Postpublishing.buzz. In 1995 Hoffenberg pleaded 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. Hoffenberg is currently paying back all of the above investors debt.^[1][2] He 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."^[3]

References

1. Frank, Robert (March 13, 2009). "From Ponzi to Madoff". The Wall Street Journal. Retrieved March 13, 2009.
2. Eaton, Leslie (March 8, 1997). "Hoffenberg Gets 20-Year Sentence in Fraud Case". The New York Times. Retrieved March 13, 2009.
3. "Arrest of Steven Hoffenberg Announced in New York" (PDF). SEC News Digest. February 18, 1994. p. 2. Retrieved March 13, 2009.