The U.S. government and the company formerly known as Cendant Corp. are suing the conglomerate's imprisoned former chairman, seeking at least $22 million in assets they say he tried to hide. The suit alleges Walter Forbes fraudulently transferred cash, securities and real estate to his wife and others to avoid creditors and a $3.2 billion restitution order. Forbes, 65, is serving more than 12 years in federal prison for conspiracy to commit securities fraud and making false statements.
June 20, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The U.S. government and the company formerly known as Cendant Corp. are suing the conglomerate’s imprisoned former chairman, seeking at least $22 million in assets they say he tried to hide.
The suit, filed in U.S. District Court in Hartford on Thursday, alleges Walter Forbes fraudulently transferred cash, securities and real estate to his wife and others to avoid creditors and a $3.2 billion restitution order.
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