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Bridgeport, Conn. – Cendant Corp.’s former chairman Walter Forbes deserves as much as 15 1/2 years in prison and should be ordered to repay $3.34 billion for his accounting fraud conviction, U.S. prosecutors told a judge.
U.S. District Judge Alan Nevas was urged to sentence Forbes to between 12 1/2 and 15 1/2 years, the range he faces under federal advisory guidelines. Nevas will sentence Forbes, 64, on Wednesday. Forbes had asked for a 10-year term, no restitution order and a fine of $175,000 or less, saying he can afford no more.
Forbes was convicted Oct. 31 of overstating income by $252 million at CUC International Inc.
