Former Cendant Corp. chairman Walter Forbes was sentenced to 12 years and seven months in prison and ordered to pay $3.28 billion in restitution for heading up an accounting fraud.
Forbes, 64, was convicted in October 2006 on conspiracy and false reporting charges. Prosecutors said that he inflated the income at his own company, CUC International -- which had holdings including the Avis and Budget car rental companies and the Century 21 and Coldwell Banker real estate brokerage firms -- by more than $250 million before the corporation merged with HFS Inc. in 1997 to form Cendant.
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