Also, as part of the merger, Silverman announced he would reduce his day-to-day involvement with the company and assume the company’s chairmanship in preference of CUC’s founder and CEO Walter Forbes.
As irregularities in the books of Cendant were discovered in early 1998, an audit committee set up by Cendant's Board of Directors launched an investigation and discovered that the former management team of CUC, including its top executives Walter Forbes and Kirk Shelton, had been fraudulently preparing false business statements for several years.
He was prosecuted by the U.S. Attorney's Office for the District of New Jersey and convicted of one count of conspiracy to commit securities fraud, and two counts of making false statements, for inflating reported incomes for the Cendant Corporation, when he was Chief Executive Officer of that company in the 1990s, and at its predecessor company CUC International.
Walter Scott | Forbes | Sir Walter Scott | Walter Cronkite | Walter Raleigh | Walter Benjamin | Steve Forbes | Walter Mondale | Walter Matthau | Walter Gropius | Walter Hamma | Forbes 400 | Walter Savage Landor | Walter Burley Griffin | Walter Payton | Walter | Bruno Walter | Walter Winchell | Walter Crane | Walter Rilla | Walter Koenig | Walter Brennan | Malcolm Forbes | Walter Sickert | Walter Pidgeon | Walter Isaacson | Walter Damrosch | Walter Crickmer | Walter Brueggemann | Walter Reed |
eighteenth Lord Forbes and granddaughter of the sixth Duke of Atholl.