SEC accuses Hoffenberg of fraudSteven Hoffenberg, the...

BUSINESS DIGEST

February 09, 1993

SEC accuses Hoffenberg of fraud

Steven Hoffenberg, the would-be New York Post buyer and self-proclaimed champion of "ordinary citizens," was accused yesterday by the Securities and Exchange Commission of cheating widows, retirees and thousands of other investors out of scores of millions of dollars over nearly four years.

The SEC said that Mr. Hoffenberg took in more than $215 million by selling notes after he fraudulently inflated the income and net worth of his Towers Financial Corp., the debt-collection business that he once said he would use to buy the struggling newspaper.

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