Former Cendant Vice Chairman E. Kirk Shelton was sentenced Wednesday to 10 years in prison for his role in an accounting scandal that cost investors billions. A U.S. district judge in Connecticut also ordered Shelton to pay almost $3.3 billion to Cendant, including an initial payment of $15 million by October and monthly payments of $2,000 per month once he is out of prison. "I think it's what the law requires," said U.S. Attorney Chris Christie. "It's obviously always based upon his ability to pay."
August 04, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Former Cendant Corp. Vice Chairman E. Kirk Shelton was sentenced Wednesday to 10 years in prison and ordered to pay full restitution for his role in an accounting scandal that cost investors more than $3 billion.
U.S. District Judge Alvin Thompson in Hartford also ordered Shelton to pay almost $3.3 billion to Cendant, including an initial payment of $15 million by October and monthly payments of $2,000 per month once he is out of prison.
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