The family of former Cendant Corp. executive E. Kirk Shelton, including his wife and two sons, plus two companies and a trust for his children will hand over $25.6 million in assets, including a condo in Vail, to victims of the $3 billion fraud he led.
The settlement resolves a 2006 lawsuit by the Justice Department, which accused Shelton, 53, of fraudulently transferring assets to relatives and family companies to shield them from creditors.
Shelton was convicted in 2005 of inflating earnings by $286 million when he was president of CUC International Inc. CUC merged with HFS Inc. in 1997 to form Cendant, a travel and real estate services company.
Shelton, who was Cendant’s vice chairman, was sentenced to 10 years in prison and ordered to pay $3.3 billion in restitution.
Shelton has paid $15.5 million, raising the total recovery for victims to $41.1 million.
