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Steven Hoffenberg, financial mentor of Epstein.
Hoffenberg spent more than a decade in federal prison for committing what the SEC called “one of the largest Ponzi schemes in history.” In 1995, Hoffenberg pleaded guilty to selling $475 million in fraudulent notes and bonds to multiple investors, and ultimately using some of the profits from separate investors to pay interest owed to the earlier stakeholders.
Hoffenberg was sentenced to 20 years in federal prison and required to pay $1 million in fines and $463 million in restitution. Hoffenberg later settled with the SEC for $60 million.