Salt Lake City, UT / November 9, 2006 / Press Release / --  After eight years, three trials and losses to investors to the tune of $19 billion Walter Forbes, the former chairman of the number one real estate company in the U.S. has been convicted on charges he masterminded an accounting fraud that at the time of discover in 1998, represented the largest case of fraud in U.S. History.    

A jury of eight men and four women deliberated for two and a half days before finding Forbes, 63, of New Canaan, Connecticut guilty of conspiracy and two counts of submitting false reports to the U.S. Securities Exchange Commission. 

According to Prosecutors, Forbes inflated income at his company CUC International prior to its merger with HFS in 1997 which later became known as Cendant.  While consumers may be unfamiliar with the name Cendant, certainly they are not unfamiliar with the branded names under the Cendant umbrella which include: Century 21; Coldwell Banker; Coldwell Banker Commercial; ERA, Sotheby's International Realty; NRT Incorporated; Cartus Corporation and Title Resource Group.

Convicted and facing a possible sentencing of up to 25 years in prison, Forbes has resigned from his post as CEO.  For his efforts Forbes will receive a $47 million severance package, that equates to $156,666.67 a month for the next 300 months.    

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