BusinessCompany NewsFormer Cendant exec loses appeal

Former Cendant exec loses appeal

E. Kirk Shelton returns to jail

E.
Kirk Shelton
, the former vice chairman of travel real estate group Cendant,
has been ordered back to jail after losing an appeal against his conviction in
the $3bn (£1.5bn) accounting scandal at the company.

Shelton was sentenced in 2005 to 10 years in prison on conspiracy and fraud
charges and ordered to pay $3.27bn (£1.66bn) restitution to
Cendant.

This week he was ordered to report to prison on 20 February. He has been
under house arrest pending appeals of his convictions, which were upheld in
November by the 2nd US Circuit Court of Appeals in New York.

Earlier this year, former Cendant chairman
Walter
Forbes
was sentenced to 12 years and seven months in prison and also ordered
to pay $3.3bn (£1.66bn) in restitution.

Further reading:

Jail time and huge fine for former Cendant chairman

E&Y agrees massive payout to settle Cendant audit
dispute

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