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Sarbanes-Oxley News & Developments
Ex-Cendant Chairman Found GuiltyAfter two mistrials, Walter Forbes is found guilty in one of the largest pre-Enron accounting scandals.
> > Three is certainly not a charm for former Cendant Chairman Walter Forbes. In his third trial, Forbes was found guilty by a federal jury for his role in a massive accounting scandal that was deemed to be the largest corporate fraud in the pre-Enron era.
Forbes was found guilty of conspiracy to commit securities fraud and two counts of making false statements. He was found not guilty of a fourth count, securities fraud. Forbes was permitted to remain free on $1.2 million bail until he is sentenced on January 17. Forbes faces up to five years in prison on the conspiracy count, and up to 10 years on each of the two counts involving false reporting to regulators.
Source: CFO
Published:2006-11-02
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