A truly unique specimen from the American Beet Sugar Company, featuring a detailed vignette of the company's product ... [ View
- The Toronto Stock Exchange is incorporated; fewer than a dozen stocks are traded, and a seat on the exchange costs $250.
- Declaring that Steven Hoffenberg had "wreaked havoc on innocent lives," Federal Judge Robert Sweet sentenced the notorious Wall Street swindler to a twenty-year prison term. In the ruling, handed down on this day in 1997, Sweet ordered the former chief of Towers Financial Corps to pay out $462 million in restitution, as well as a $1 million in fines. Hoffenberg had been accused of pawning off vast sums of "worthless" Tower-backed bonds to unsuspecting investors. All told, Hoffenberg had conned investors out of a whopping $500 million, money which he used to fund his extravagant habits. Though this wasn’t Hoffenberg’s first brush with the law - he confessed to a series of charges, including obstruction of justice and tax evasion, it was certainly his biggest. Indeed, Hoffenberg’s attorney, Daniel Meyers, questioned the severity of Sweet’s sentence. However, Robert Blackburn, associate director of enforcement at the Securities and Exchange Commission, deemed the ruling "very reasonable" given the "horrible, massive" scope of Hoffenberg’s crimes.