No Jail Time for ex-Cendant Financial Chief
Cosmo Corigliano, a former financial chief at a predecessor company of Cendant, was sentenced to six months of house arrest for his part in the largest accounting scandal of the 1990s. Corigliano pleaded guilty to fraud in 2000 and faced a prison term of several years. However, U.S. District Judge Alan Nevas decided against prison time for Corigliano's "extraordinary" cooperation in the prosecutions of ex-Cendant Chairman Walter Forbes and former Vice Chairman Kirk Shelton.
Forbes was found guilty in October of organizing a fraud to increase profits at Cendant, a real estate and travel company that now operates as Avis Budget Group. Shelton was convicted of fraud in January 2005 and was sentenced to 10 years in jail. Forbes and Shelton have been asked to pay $3.3 billion in restitution; it is unclear how much of this the men will be able to pay.
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