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« New book tells the story of global corruption and enforcement | Main | Merry Christmas from the FCPA Blog Team »
Wednesday
Dec262012

Morris Weissman faces hearing next month

A status conference in U.S. v. Weissman before Judge Barbara S. Jones in New York City has been scheduled for January 3.

Morris Weissman's case is one of the longest running FCPA matters.

He was indicted in 2001 and convicted by a jury in 2003 of a massive accounting fraud that included FCPA books and records offenses.

But he's never been sentenced.

The former chairman and CEO of American Bank Note Holographics, Inc. was charged with fraud and other offenses after the company's IPO in 1998. Following the discovery of accounting problems, the company's stock fell from its IPO price of $16 to $1.80.

A federal jury found Weissman guilty of conspiracy, securities fraud, falsifying corporate books and records (the FCPA offenses), and lying to independent auditors.

He faced up to 30 years in prison, a fine of $1 million or more, and mandatory restitution, set at $64 million by prosecutors.

The company's business was producing currencies, bank checks, credit cards, and holograms for use on security-sensitive surfaces.

One of Weissman's co-conspirators, Joshua Cantor, the former president of American Bank Note, pleaded guilty in 2001 for his role in the fraud and for bribing foreign officials.

Cantor has never been sentenced and there's no indication in his court file when sentencing might happen.

Like Cantor, Weissman -- now 72 -- has been free on bond since his conviction.

He's had heart problems. But the reason he and Cantor haven't been sentenced isn't clear.

Weissman's status conference was first set for December 17 but delayed until January 3.

Specific topics that might be raised don't appear in the court record.

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