Ex-American Banknote CEO Must Pay $64M To Fraud Victims

Law360, New York (January 7, 2013, 7:19 PM EST) -- A federal judge on Friday ordered former American Banknote Corp. CEO Morris Weissman to pay victims of an ABN accounting fraud scheme $64.3 million in restitution.

U.S. District Judge Barbara Jones said Weissman, who was convicted in 2003 of securities fraud, is jointly and severally liable for losses suffered by victims of his securities fraud.

ABN subsidiary American Banknote Holographics Inc., which Weissman also headed, made holograms intended to make credit cards and other security devices more secure.

Weissman from 1996 to 1998 deliberately inflated ABNH's...
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