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Former chairman of the Cendant Corporation, Walter A. Forbes is best known as the man behind the largest accounting fraud of the 1990s.
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Former chairman of the Cendant Corporation, Walter A. Forbes is best known as the man behind the largest accounting fraud of the 1990s. In October 2006, Forbes was found guilty of conspiracy to commit securities fraud and two counts of making false statements. Following his conviction, Forbes was sentenced to 12 years and 7 months in prison and ordered to pay $3.275 billion in restitution.
Walter Forbes was convicted of fraud for his role in a massive accounting scandal in the mid-to-late 1990s. Prosecutors say that as chairman of Cendant Corporation, Forbes participated in a scheme to inflate the stock of Cendant??s predecessor, CUC International, by $500 million. The day after the fraud was disclosed, Cendant??s market value dropped by $14 billion. At the time, it was the largest case of accounting fraud in U.S. history.
In November 2006, after two mistrials, jurors convicted Walter Forbes of conspiracy and two counts of false reporting to the U.S. Securities and Exchange Commission. On January 17, 2007, Forbes was sentenced to 12 years and seven months in prison and ordered to pay $3.275 billion in restitution.
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