U.S. District Judge Alvin Thompson on Tuesday indicated that he is considering a prison sentence less than the 12 to 15 years sought by prosecutors for Cendant Corp.'s former vice chairman, E. Kirk Shelton. Shelton could also face restitution of nearly $3.3 billion to cover investors' stock losses, the judge said. The allegations of fraud at Cendant were among the first in corporate accounting scandals in recent years that sparked outrage from investors.
July 28, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A federal judge on Tuesday indicated that he is considering a prison sentence less than the 12 to 15 years sought by prosecutors for Cendant Corp.’s former vice chairman, E. Kirk Shelton.
Speaking from the bench, U.S. District Judge Alvin Thompson said that he would likely impose a sentence between 10 and 13 years. Shelton was convicted in January on 12 counts of conspiracy, mail fraud, wire fraud and securities fraud and making false statements to the U.S. Securities and Exchange Commission.
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