Ex-Cendant Chair Forbes sentenced to 12 years, 7 months

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Ex-Cendant Chair Forbes sentenced to 12 years, 7 months

RISMEDIA, Jan. 18, 2007-(MarketWatch)-Former Cendant Corp. Chairman Walter Forbes was sentenced to 12 years and seven months in prison for his role in a massive accounting fraud, according to a media report on Wednesday. Forbes was also ordered to pay $3.275 billion in restitution, the Associated Press reported. A jury found Forbes guilty of conspiracy to commit securities fraud and two counts of making false statements in a fraud scheme that cost investors more than $3 billion, the AP reported.

To read "Ex-CEO of Cendant Found Guilty in Third Trial," visit p. 35 of RISMedia's Real Estate magazine.

Source: http://www.marketwatch.com.

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