Steven Hoffenberg Net Worth: Earnings & Income As Jeffrey Epstein Associate
Authorities in Connecticut were attempting to establish on Thursday that Steven Hoffenberg, a convicted Ponzi schemer and mentor to Jeffrey Epstein, was the individual discovered dead in an apartment earlier in the week.
An automobile, a cell phone, and a medical record, according to Derby police Lt. Justin Stanko, all indicated that the person was Hoffenberg. However, due to the advanced state of decomposition, the body could not be readily identified, and authorities were awaiting confirmation from dental records.
Stanko stated that Hoffenberg, who was discovered dead on his bedroom floor, had died of natural causes and that a preliminary examination had revealed no evidence of violence or wrongdoing.
Hoffenberg's estranged daughter said he was not a significant figure in her life and asked that her name not be used. After his release from prison, they reconnected a few times.
Steven Hoffenberg's Net Worth Was In Millions At The Time Of His Death
Steven Jude Hoffenberg was the former founder, CEO, president, and chairman of Towers Financial Corporation, a debt collecting business that was later shown to be a Ponzi scheme.
He saved the New York Post from bankruptcy in 1993, and he briefly owned the publication. 1993 saw the demise of Towers Financial, and in 1995 Hoffenberg admitted to defrauding investors of $475 million. In addition to a $1 million fine and $463 million in reparations, he received a term of 20 years in jail.
Prior to Bernie Madoff's financial crimes a decade later, the SEC regarded his as one of the greatest Ponzi schemes in history.
BREAKING: Steven Hoffenberg, who worked with Jeffrey Epstein and was behind one of the largest Ponzi schemes ever, found dead at Connecticut apartment— BNO News (@BNONews) August 25, 2022
He was actually paying back all his debts before he passed away, yet his worth is something we can only imagine of. Many websites are now trying to break down the money now.
Steven Hoffenberg's net worth, according to many sites, was at least over 5 million dollars.
He asserted that Jeffrey Epstein participated in the Ponzi scam that resulted in his prison term. Hoffenberg strongly disavowed his affiliation with Epstein after serving 18 years in jail. He then urged his company's victim investors to file a lawsuit against Epstein in an effort to recover part of their money.
In 2019, not long after Epstein was discovered dead in a Manhattan jail cell where he'd been detained while awaiting prosecution for sex offenses, he told that he was the first one in line to assist the victims.
Steven Hoffenberg Earnings & Income As Jeffrey Epstein Asso
Hoffenberg, who started the debt collecting firm Towers Financial in the 1980s, was looking for methods to increase his income when he met Jeffrey Epstein. To exploit Epstein's network of contacts to entice investors, he recruited Epstein as a consultant and paid him $25,000.
Towers Financial bought the parent firm of two insurance businesses and used the money to try to take over Pan Am in one of the worst financial frauds in American history. Later, Hoffenberg acknowledged that they were transferring funds back and forth to mimic generating a profit.
Epstein's long career actually began in his early twenties as a math and physics instructor at The Dalton School, a prep school on Manhattan's Upper East Side.
He reportedly assisted the son of Bear Stearns chairman Alan "Ace" Greenberg, who runs the New York-based financial firm, land a job at Bear Stearns on Wall Street. According to the site, he eventually became a limited partner.
In addition to other personal property, Epstein owned six properties in the U.S. Virgin Islands, France, Florida, New Mexico, and New York.
He had two private islands in the Virgin Islands: Little St. James and Great St. James. Little St. James was purchased by Epstein for $7.95 million in 1998, and locals later gave it the names "Pedophile Island" and "Orgy Island," according to Business Insider.
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