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Hoffenberg began pay month for Epstein’s exper The SEC had already tling with him out of cov 3 securities. But Hoffenberg ta In the 1980s, several n CHAPTER 27 : : he aint i of pub E mailing means, in practic a investors will start buyin e ig vulnerable to takeover att : a utives at those companies ® ttsrisky, but very often tk profit. Steven Hoffenberg: July 10, 1987 Yet another thing Hol American World Airways. its downward trajectory, t efore there was Bernie Madoff, there was Steven Hoffenberg. For Hoffenberg,: the ; In 1987, Hoffenberg was the head of Towers Financial ny that bought debts, such as unpaid discount while pressing the debtors een years earlier — Corporation, a compa huge. medical bills, at a very steep n full. Hed started the company fift with two thousand dollars and just a handful of employees. 4 Thanks, in part, toa grueling work ethic, he'd turned that into @ 3 much bigger concern, with twelve hundred employees and stock — that traded over the counter. But Hoffenberg still spent fifteen” hours each day, six days a week, in his office. Wall Street outsider. AU He wanted more. Hoffenberg was 4 Brooklyn boy. A college dropout, like Epstein. One thing Hoffenberg wanted was respect. The o e who was familiar with Wall Street's inner workings. tions for Bear Stearns, fit the bill. to repay i | According to Hoffenberg, _ over of Pan Am—a deal tl | Steven Hoffenberg stil listening to him, one mus gpuilty to criminal conspir: m illion swindle, a familiz Bernie Madoff case. ches ’ Like so many others, Mithout the necessary w Pent atthe office, he'd als someon Jet frey Epstein, who had traded op 110 HOUSE_OVERSIGHT_021968