August 3, 2005
Cendant Exec Sentenced to Ten
After a seventh month trial and 33 day deliberation (see here and here), former Vice Chairman of Cendant, E. Kirk Shelton, was sentenced today to 10 years in prison. The Wall Street Journal (AP) also notes here that the judge ordered him "to pay almost $3.3 billion in restitution, including an initial payment of $15 million by October, and monthly payments of $2,000 per month once he is out of prison." Shelton was convicted of 12 counts.
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