Hoffenberg was sentenced in 1997 to 20 years in prison for one of the country's largest Ponzi schemes:
Hoffenberg, 77, who once tried to buy the New York Post, was sentenced in 1997 to 20 years in prison for one of the country's largest Ponzi schemes. He admitted that he swindled thousands of investors out of $460 million. He was released from federal custody in 2013, according to the Bureau of Prisons.
Hoffenberg, however, later claimed Epstein was the “architect” of the scam, in a 2019 interview with The Washington Post. At the time of the scheme, Epstein worked for Hoffenberg's bill collection company, Towers Financial Corp. Epstein, however, was never charged in the fraud. in a federal jail in New York City in 2019 while awaiting trial on allegations that he sexually abused dozens of girls.
Hoffenberg briefly took over the New York Post in 1993 while bidding to own it. The Post reported that Hoffenberg funded the paper for three months and rescued it from bankruptcy. His efforts to buy the paper were derailed by civil fraud allegations by the Securities and Exchange Commission that led to the criminal prosecution of the Ponzi case.
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