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ARTICLE · 14 AUGUST 2013

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BakerHostetler
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On January 4, 2013, Honorable Judge Barbara S. Jones ordered Morris Weissman to pay approximately $64 million in restitution for his 1998 fraud as chairman and CEO of American Bank Note Holographics, Inc. was indicted in 2001, and was later convicted.

United StatesCriminal Law
John Carney
John Carney
George Stamboulidis
George Stamboulidis
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American Bank Note Holographics, Inc.

On January 4, 2013, Honorable Judge Barbara S. Jones ordered Morris Weissman to pay approximately $64 million in restitution for his 1998 fraud as chairman and CEO of American Bank Note Holographics, Inc. Weissman was indicted in 2001, and was later convicted in 2003, after a five-week jury trial on two counts of accounting fraud and two counts of FCPA accounting provisions offenses. Weissman inflated the company's numbers to increase its IPO price and subsequently lied to auditors about the company's performance. Discovery of the fraud caused the stock price to decrease 80%, from $16 per share to $1.80 per share, resulting in over $100 million in shareholder losses.

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