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.
Copyright© 2011 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.