A federal jury found former Cendant Chairman Walter Forbes guilty of conspiracy to commit securities fraud and two counts of making false statements Tuesday in a fraud scheme that cost the travel and real estate company and its investors more than $3 billion. He was found not guilty of a fourth count, securities fraud. The Cendant case was among the first in a series of corporate accounting scandals that sparked outrage from investors in recent years.
November 02, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A federal jury found former Cendant Corp. Chairman Walter Forbes guilty of conspiracy to commit securities fraud and two counts of making false statements Tuesday in a massive fraud scheme that cost the travel and real estate company and its investors more than $3 billion.
He was found not guilty of a fourth count, securities fraud.
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