Towers Financial Corporation was a debt collection agency based in Manhattan in New York City. Between 1988 and 1993, Towers Financial ran a Ponzi scheme that was the largest financial fraud in American history prior to Bernie Madoff's being uncovered.
The company, founded in the early 1970s in downtown Manhattan and incorporated in Delaware, was a debt collection agency that paid a penny on the dollar for loans that sellers viewed as worthless, focusing on debts that people owed to hospitals, b...