Ex-Cendant CEO To Spend Over 12 Years Behind Bars

Law360, New York (January 17, 2007, 12:00 AM EST) -- Former Cendant Corp. Chairman Walter Forbes was sentenced Wednesday to more than 12 years in prison and was ordered to pay $3.275 billion in restitution for his role in one of the largest accounting fraud causes brought before a U.S. court.

U.S. District Judge Alan H. Nevas sentenced 64-year-old Forbes to 12 years and seven months behind bars, rejecting defense arguments for a prison sentence that wouldn’t exceed 10 years.

Forbes remains free on $1.2 million bail. His attorneys have asked for him to remain out...
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