Two former officials of Cendant Indicted
A federal grand jury in New Jersey accused two former officials of the High-Cendant (CD Cramer’s Take - Stockpickr) and CUC International, to be collected on Wednesday of conspiracy to carry out wire fraud and false statements in reports the Confederation of securities regulators.
The Securities and Exchange Commission filed by civilians against the accusations of officials, former chairman of Cendant Walter Forbes and former vice-president, Kirk Shelton. The SEC requires claims men, “a massive financial fraud” at the sale of CUC stock, including artificially inflated the company’s revenue over $ 500 million between 1995 and 1997.
“Given that this case graphically illustrates, large complex and long-term financial fraud often rooted in the highest levels of the company,” SEC director of the implementation of Richard Walker, said in a statement.
Shelton was President and Chief Operating Officer of CUC, when it merged with HFS in 1997 to form Cendant, is innocent of all charges against him Wednesday at level, according to his lawyers. “Mr. Shelton not to fraud, which are in CUC / Cendant,” Shelton’s legal adviser, said in a statement. “If all evidence of birth, Mr. Shelton ’s innocence is clear.”
Forbes has been Chief Executive Officer of Cendant based CUC ago. In a statement made under the indictment and the SEC filed charges Wednesday, Forbes said: “I am totally innocent of the charges against me, and they fight in court.”
Both Forbes and Shelton resignation of Cendant in 1998, albeit amid public concern about the financial health.
Cendant has gone on Wednesday on the specific charges against the two men. “Since the discovery of fraud in the former CUC nearly three years, we have made every effort to accommodate all those responsible for” the company said in a statement. “Employees of our company and shareholders have also beyond this episode of our history and awaits the outcome of this matter determined by the civil and criminal law. ”
The indictment accuses announced Wednesday, Forbes and Shelton artificially inflate income of CUC and its relationship to projections of future income to induce CUC merged with HFS.
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