Forbes, the former chairman of real estate and travel group
Cendant chairman, has been sentenced to 12
years and seven months in prison and ordered to pay $3.3bn (£1.67bn ) for his
role in the massive accounting scandal at the company.
In the trial, prosecutors accused Forbes and former vice chairman
Shelton of overseeing an accounting scheme that overstated income at
Cendant, formerly known as Avis Budget Group, and at predecessor company CUC
The US district judge Alan Nevas called the restitution payment ‘a reasonable
estimate of the victims’ losses’.
It is not known how Forbes, 64, is expected to pay such a large sum.
In October 2006, Forbes was convicted on one count of conspiracy and two
counts of false reporting after two previous mistrials for his role in the
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