Wednesday, November 01, 2006

Chief Guilty at Cendant in 3rd Trial

Walter A. Forbes, the former chairman of Cendant, was convicted Tuesday -- after eight years and three trials -- on charges that he masterminded an accounting fraud that was considered at the time it was discovered in 1998 to be the largest on record. Investors lost $19 billion when Cendant's stock fell after the disclosure. The Cendant fraud was later eclipsed by the scandals at Enron and WorldCom.

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