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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.