Investors Claim Jeffrey Epstein Built $473M Ponzi Scheme
Law360 (August 22, 2018, 7:17 PM EDT) -- Shareholders filed a putative class action against financier, billionaire and convicted sex offender Jeffrey Epstein in New York federal court on Tuesday for his alleged role in developing and executing a $473 million Ponzi scheme for which Steven Hoffenberg was convicted in 1997.
Hoffenberg signed an affidavit in a separate New York state court case last week, laying out all of Epstein’s alleged involvement in the scheme that landed Hoffenberg in prison. The investors claim that, though the scheme is more than two decades old, they did not know about Epstein’s deceptive practices until Hoffenberg’s affidavit was made public.
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