Business Fraud

On Wednsday January 17, 2007 former Cendant Corp. Chairman, Walter Forbes, is scheduled to appear in U.S. District Court in Brideport. Forbes was found guilty of leading the largest accounting fraud of the 1990's. Prosecuters believe Forbes will recieve between 12 to 15 years in prison. Prosecuters would also like him to pay 3.3 billion dollars in restitution for the amount the company and its accounting firm paid to settle shareholder lawsuits originating from the fraud. (John Christoffersen, AP Business)