And ordered to pay $3.3 Billion in restitution.  (Inman News – may need membership) .

Walter A. Forbes was sentenced to serve 12 years and seven months in federal prison for his role in a multimillion-dollar accounting fraud originating at a company that helped to form real estate and travel services giant Cendant Corp, U.S. Attorney Christopher J. Christie announced Wednesday.

Forbes, who had served as chairman, CEO and president at CUC, a consumer-services company that joined with Henry Silverman’s HFS Inc. in launching Cendant, was convicted in October of conspiracy to commit securities fraud and making false statements.

Cendant last year broke into a series of separate companies — its real estate division launched as an independent, publicly traded company called Realogy. Realogy’s operations include company-owned and franchise real estate brands such as Coldwell Banker, The Corcoran Group, Century 21, ERA and Sotheby’s International Realty.

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