https://en.wikipedia.org/wiki/Steven_Hoffenberg

Steven Jude Hoffenberg (born 1945)

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https://en.wikipedia.org/wiki/Steven_Hoffenberg

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Steven Hoffenberg

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From Wikipedia, the free encyclopedia

Steven Hoffenberg

Steven Hoffenberg in 1962

Born

January 12, 1945

Brooklyn, New York City, U.S.

Died

August 2022 (aged 77)

Derby, Connecticut, U.S.

Body discovered

August 23, 2022

Employer

Towers Financial Corporation

Known for

Owner of the New York Post (1993), Ponzi scheme at Towers Financial Corporation, Jeffrey Epstein associate

Criminal charges

Five counts of securities fraud, tax evasion, and obstruction of a Securities and Exchange Commission inquiry[1]

Criminal penalty

20 years imprisonment and fine; served 18 years

Spouses

• Bailey Edgren (m. 1963)
  Second wife

• 
  

Maria Santiago ​(m. 2014)​

Children

1

Steven Jude Hoffenberg (January 12, 1945 – August 2022)[2] 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.[3] In 1993, he rescued the New York Post from bankruptcy, and briefly owned the paper. 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".[4]

Early life

Hoffenberg was born in Brooklyn, New York to a Jewish family on January 12, 1945, along with a twin brother, Martin.[2][5]

In 1971 Hoffenberg pleaded guilty to attempted second-degree larceny for trying to steal a diamond in New York. Despite later denying reports that he had indicated his involvement, he later admitted in a civil trial that he was once "involved in a theft".[6]

Career

Towers financial corporation

In the early 1970s, Hoffenberg founded Towers Financial Corporation, a New York City debt collection agency that was supposed to buy debts that people owed to hospitals, banks, and phone companies.[7] He was its chief executive officer, president, and chairman.[8][9][3][10] It was later discovered to be a Ponzi scheme.[8][9][3][10] In February the Securities and Exchange Commission began a civil action against him and others, and in March 1993 Towers Financial filed for bankruptcy.[9] In April 1995 Hoffenberg pleaded guilty to bilking investors out of $475 million.[9] The SEC considered his financial crimes as "one of the largest Ponzi schemes in history" at the time.[4]

New York Post

Hoffenberg owned the New York Post from January to March 1993. The implosion of the Towers Ponzi scheme ended his tenure, which had seen mass layoffs, a mass walkout on the part of the paper's staff, and missed issues.

Prison sentence

In 1997, Judge Robert W. Sweet sentenced Hoffenberg to 20 years in prison. He spent 18 years at several prisons, including FCI Fort Dix (Fort Dix, New Jersey) and the Federal Medical Center, Devens (in Devens, Massachusetts). He was also ordered to pay a $1 million fine and $463 million in restitution. Per the U.S. Bureau of Prisons, he was released in October 2013.[11][10][12][3] He settled a civil suit with the U.S. Securities and Exchange Commission for $60 million.[13][14]

Relationship with Jeffrey Epstein

In 1987, Hoffenberg met Jeffrey Epstein through a British defense contractor named Douglas Leese.[15] Leese was one of the architects,[16] along with Saudi Adnan Khashoggi and Prince Bandar bin Sultan Al Saud, in the billion dollar Al-Yamamah arms deal, Britain's biggest arms deal ever concluded, earning the prime contractor, BAE Systems, at least £43 billion in revenue between 1985 and 2007.[17] Leese told Hoffenberg about Epstein: "The guy's a genius, he's great at selling securities. And he has no moral compass." Hoffenberg hired Epstein from about 1987 to 1993 to help with the Towers Financial Corporation, paid him $25,000 a month and gave him a $2 million loan in 1988 that Epstein would never have to pay back.[18][3]

Hoffenberg set Epstein up in offices in the Villard Houses.[3] They unsuccessfully tried to take over Pan Am in a corporate raid with Towers Financial as their raiding vessel. Their bid failed, in part because of the 1988 terrorist bombing of Pan Am Flight 103 over Lockerbie, which ultimately contributed to the airline's bankruptcy. A similar unsuccessful bid in 1988 was made to take over Emery Air Freight Corp.[3]

During this period, Hoffenberg and Epstein worked closely together and traveled everywhere on Hoffenberg's private jet.[3][19][20] 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 a number of cars and planes.[3][21]

In court documents, Hoffenberg claimed that Epstein was intimately involved in the Ponzi scheme.[22][23] Epstein left Towers Financial before it collapsed and was never charged for being involved with the massive investor fraud committed.[24][25]

In 2016, Hoffenberg and some of his victims sued Epstein, seeking restitution. He asserted in court that Epstein had been intimately involved in Tower's financial practices and called Epstein the "architect of the scam".[18] In July 2019, following Epstein's arrest on charges of sex trafficking of minors and conspiracy to commit sex trafficking, Hoffenberg again claimed that Epstein was his "uncharged co-conspirator" in the Ponzi scheme.[26] Former Towers investors made similar allegations in a lawsuit filed in August 2018. The lawsuit also alleged that the millions in stolen investments were the seed capital for Epstein's hedge fund, which it valued at $50 billion.[27]

Personal life and death

Hoffenberg converted to Christianity during his time in prison.[6][28] Following his release, he claimed to be seeking to make amends to his victims, and also reached out to women who had made allegations of assault against his former mentee Jeffrey Epstein, with one of Epstein's accusers Maria Farmer reporting that she and Hoffenberg had become "friends."[5] On July 10, 2014, he married Post All Star News president, Maria Santiago, after a one month romance. He held an informal wedding ceremony in front of Trump Tower in Manhattan.[29] He had been married at least twice before, and had a daughter from a relationship he had been having at the time of his federal prosecution; his daughter met him for the first time at the age of 19 after he was released from prison.[5]

Hoffenberg was found dead at his apartment in Derby, Connecticut, on August 23, 2022, at the age of 77.[2] Epstein accuser Maria Farmer said she called police to check in on Hoffenberg after she failed to reach him over the phone during the preceding week.[28] His body was in an advanced state of decomposition, and a Derby police officer estimated that he had been dead for roughly a week by the time his remains were found.[2][5] An initial autopsy found no evidence of trauma on his body and police said they believe he died of natural causes.

References

1.  "Hoffenberg Pleads Guilty in Massive Securities Fraud: Crime: Financier could face a 25-year sentence. Investors were bilked of $500 million." Archived November 11, 2020, at the Wayback Machine Los Angeles Times.

2.  "Steven Hoffenberg, who worked with Jeffrey Epstein, found dead". BNO News. August 25, 2022. Archived from the original on August 25, 2022. Retrieved August 25, 2022.

3.  Ward, Vicky (June 27, 2011). "The Talented Mr. Epstein". Vanity Fair. Archived from the original on June 12, 2015. Retrieved June 11, 2015.

4.  "Arrest of Steven Hoffenberg Announced in New York" (PDF). SEC News Digest. February 18, 1994. p. 2. Archived (PDF) from the original on March 20, 2009. Retrieved March 13, 2009.

5.  Shanahan, Ed (August 26, 2022). "Steven Hoffenberg, Debt Baron Who Ran a Vast Fraud, Dies at 77". The New York Times. Archived from the original on August 26, 2022. Retrieved August 26, 2022.

6.  "Steven Hoffenberg, brash swindler behind massive Ponzi scheme, dies at 77". Washington Post. ISSN 0190-8286. Retrieved September 17, 2022.

7.  "Averting a Crisis p. – Newspaper & News Publishing Industry News". Editor & Publisher Magazine. May 4, 2011. Archived from the original on June 9, 2020. Retrieved June 10, 2020.

8.  "Re: Guaranteed Collection Corporation's Joint Venture With Some Three Hundred (300) Small Collection Agencies" (PDF). Archived from the original on June 9, 2020.

9.  "Hoffenberg v. Hoffman & Pollok, 248 F. Supp. 2d 303 (S.D.N.Y. 2003)". Justia Law. Archived from the original on June 9, 2020. Retrieved June 9, 2020.

10.  Steven Jude Hoffenberg v. United States Of America (D.N.J. February 6, 2012), Text.

11.  "United States v. Hoffenberg, 1:94-cr-00213 –". Courtlistener.com. Archived from the original on June 9, 2020. Retrieved June 10, 2020.

12.  Steven Jude Hoffenberg v. United States of America (3d Cir. November 15, 2012), Text.

13.  Frank, Robert (March 13, 2009). "From Ponzi to Madoff". The Wall Street Journal. Archived from the original on January 9, 2015. Retrieved March 13, 2009.

14.  Eaton, Leslie (March 8, 1997). "Hoffenberg Gets 20-Year Sentence in Fraud Case". The New York Times. Archived from the original on February 13, 2010. Retrieved March 13, 2009.

15.  Was Jeffrey Epstein a spy? Archived August 12, 2022, at the Wayback Machine, Rollingstone.com. Accessed August 27, 2022.

16.  Gadher, Dipesh; Pogrund, Gabriel; Pattinson, Tom (September 14, 2025). "How Bullingdon Club links to Jeffrey Epstein in his birthday book". The Sunday Times.

17.  The Al Yamamah Arms Deals Archived March 1, 2021, at the Wayback Machine, Compendium of Arms Trade Corruption, Tufts University 2021

18.  Marc Fisher, Jonathan O'Connell: "Final evasion: For 30 years, prosecutors and victims tried to hold Jeffrey Epstein to account. At every turn, he slipped away" Archived October 6, 2021, at the Wayback Machine, The Washington Post, August 10, 2019

19.  Cole, Brendan (July 9, 2019). "Jeffrey Epstein's mentor says his former protege was ruined by relationship with Bill Clinton: 'It inflated his ego'". Newsweek. Archived from the original on July 12, 2019. Retrieved July 12, 2019.

20.  Stewart, James B.; Goldstein, Matthew; Kelly, Kate; Enrich, David (July 10, 2019). "Jeffrey Epstein's Fortune May Be More Illusion Than Fact". The New York Times. ISSN 0362-4331. Archived from the original on July 11, 2019. Retrieved July 11, 2019.

21.  Hevesi, Dennis (January 25, 1993). "Post Rescuer Built Wealth from $2,000". The New York Times. Archived from the original on June 11, 2020. Retrieved June 11, 2020.

22.  "Towers Ponzi Scheme Complaint" (PDF). Archived from the original (PDF) on September 14, 2019.

23.  Briquelet, Kate; Connor, Tracy (July 15, 2019). "Ponzi Scheme Victims Say Epstein Swindled Them". The Daily Beast. Archived from the original on July 16, 2019. Retrieved July 16, 2019.

24.  "Jeffrey Epstein worked at financial firm that engaged in massive Ponzi scheme in 1980s and 1990s". CBS News. August 13, 2019. Archived from the original on January 15, 2022. Retrieved June 10, 2020.

25.  Litigation Release No. 15053 / September 17, 1996
    Accounting and Auditing Enforcement Release No. 816 Archived September 10, 2021, at the Wayback Machine, sec. gov, September 17, 1996; accessed August 25, 2022.

26.  Briquelet, Kate; Conner, Tracy (July 14, 2019). "Ponzi Scheme Victims Say Epstein Swindled Them". Daily Beast. Archived from the original on July 16, 2019. Retrieved July 15, 2019.

27.  "Jeffrey Epstein's ex-mentor accuses him of fraud". Quartz. April 21, 1995. Archived from the original on August 30, 2019. Retrieved June 10, 2020.

28.  "Epstein's Ponzi Schemer Mentor Found Dead After a Welfare Check". The Daily Beast. August 25, 2022. Archived from the original on August 26, 2022. Retrieved August 25, 2022.

29.  "Steven J. Hoffenberg Weds Maria Santiago In Front Of Trump Tower". Blacktiemagazine.com. July 10, 2014. Archived from the original on June 9, 2020. Retrieved June 10, 2020.

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Steven Hoffenberg, who worked with Jeffrey Epstein, found dead

Published on August 25, 2022

By BNO News

Steven Hoffenberg (Credit: LinkedIn)

Businessman Steven Hoffenberg, who became close friends with Jeffrey Epstein and who pled guilty in one of the largest Ponzi schemes in U.S. history, has been found dead at his Connecticut apartment, officials say. He was 77.

Police in Derby, Connecticut said officers responded to Hoffenberg’s apartment at 8 p.m. on Tuesday for a requested welfare check. When they arrived, they found a body “in a state where a visual identification could not be made.”

The body was taken to the office of the chief medical examiner, where an autopsy was performed on Wednesday. The initial examination revealed no trauma on his body but the cause of death remains unknown pending further toxicology study, police said.

The body is believed to be Hoffenberg, though formal identification has not yet taken place.

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“A subsequent dental record comparison is underway to make a positive identification and subsequent notifications to appropriate next of kin,” police said in Thursday’s statement, which provided no further details.

It’s unclear when Hoffenberg died, but Derby Police Lt. Justin Stanko said it had been “approximately 1 week” since someone had spoken to him. Hoffenberg had recently tested positive for COVID-19 and his frequent use of Twitter came to an abrupt end on July 26.

Epstein accuser Maria Farmer, who was friends with Hoffenberg, said she had been trying to reach him for well over a week when she called police, but an initial request for a welfare check on Saturday was unsuccessful because the address she provided was out of date. The body was found after a second request on Tuesday night.

Hoffenberg, who was born on January 12, 1945, was the founder of New York debt collection agency Towers Financial Corporation, which in 1993 was revealed to be one of the biggest Ponzi schemes in U.S. history, bilking investors out of nearly half a billion dollars.

Hoffenberg met Jeffrey Epstein in the late 1980s and hired him to help at Towers Financial Corporation. “He was my best friend for years. My closest friend for years … He was my guy, my wingman,” Hoffenberg told CBS News in an interview in 2019.

Epstein, who was charged with sex trafficking of minors in July 2019, was found hanged in his cell in New York a few weeks later. Epstein’s death was officially ruled a suicide, though the incident has been the subject of numerous conspiracy theories.

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Interest in Epstein’s case was high because of his links to politicians, businessmen, and celebrities, including former U.S. Presidents Donald Trump and Bill Clinton, Britain’s Prince Andrew, and former New Mexico Governor Bill Richardson.

Earlier this year, French modeling agent Jean-Luc Brunel, who was accused of sex trafficking and founded a company with Epstein, was found dead in his cell in an apparent suicide. He had previously been charged with raping a minor.