Push for Tough Sentence for Cendant
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
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, prosecutors told a judge.
Prosecutors urged U.S. District Judge Alan Nevas to sentence Forbes to between 12 1/2 to 15 1/2 years, the range he faces under federal advisory guidelines. Mr. Nevas will sentence Forbes, 64, on January 17 in Bridgeport, Connecticut. Forbes had asked Mr. Nevas for a 10-year term, no restitution order, and a fine of $175,000 or less, saying he can afford no more.
“This court should impose a sentence of incarceration within the guidelines range of 151 to 188 months and order the defendant to pay $3.335 billion in restitution,” prosecutors said in a sentencing memorandum filed today in Bridgeport.
Forbes was convicted October 31 of overstating income by $252 million at CUC International Inc., where he was chief executive officer.
