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12/11/2006
Former Cendant Exec Gets House Arrest on Fraud Charges
Former Cendant Exec Gets House Arrest on Fraud Charges
In addition to the ten year prison sentence and more than $3 billion in fines and restitution former Cendant vice Chair, E. Kirk Shelton has otherwise been facing, he has now been placed under house arrest while he awaits the outcome of his appeals. Shelton was previously convicted on a variety of charges relating to his role in artificially inflating Cendant's revenues by some $500 million. When the fraud was discovered back in 1998, Cendant's value dropped by $14 billion in a single day. Ouch.
More here.
-- MDT
More here.
-- MDT
Labels: Cendant, Conviction, E. Kirk Shelton, Fraud
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