Walter Forbes is an American

United States

The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 business manager

Business manager

In a general context, a business manager is a person who manages the work of others in order to run a business efficiently and make a large profit...

 and Federal

Federal government of the United States

The federal government of the United States is the national government of the constitutional republic of fifty states that is the United States of America. The federal government comprises three distinct branches of government: a legislative, an executive and a judiciary. These branches and...

 prison

Prison

A prison is a place in which people are physically confined and, usually, deprived of a range of personal freedoms. Imprisonment or incarceration is a legal penalty that may be imposed by the state for the commission of a crime...

er.

He was prosecuted by the U.S. Attorney's Office for the District of New Jersey

United States Attorney for the District of New Jersey

The U.S. Attorney for the District of New Jersey is the chief federal law enforcement officer in New Jersey. Paul J. Fishman was sworn into office as U.S. Attorney on October 14, 2009 after having been nominated by President Barack Obama. He succeeded Ralph J. Marra, who served as Acting U.S....

 and convicted of one count of conspiracy to commit securities fraud

Fraud

In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation...

, and two counts of making false statements, for inflating reported incomes for the Cendant

Cendant

Cendant Corporation was a New York-based provider of business and consumer services, primarily within the real estate and travel industries. In 2005 and 2006, Cendant broke up and spun off or sold its constituent businesses...

 Corporation, when he was Chief Executive Officer

Chief executive officer

A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...

 of that company in the 1990s, and at its predecessor company CUC International

CUC International

CUC International Inc. is a membership-based consumer services conglomerate with travel, shopping, auto, dining, home improvement and financial services offered to more than 60 million customers worldwide based out of Stamford, Connecticut and founded by Kirk Shelton and Walter Forbes...

.

On 2007 January 17, the 64-year-old Forbes was sentenced to over 12 years in prison, and ordered to make restitution amounting to $

United States dollar

The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....

3.28 billion. Former vice chairman E. Kirk Shelton was ordered to pay the same figure.

One Department of Justice

United States Department of Justice

The United States Department of Justice , is the United States federal executive department responsible for the enforcement of the law and administration of justice, equivalent to the justice or interior ministries of other countries.The Department is led by the Attorney General, who is nominated...

 website describes this as the largest restitution order ever imposed as of July 2007. It has since been overtaken by the $170 billion restitution order against Bernard Madoff

Bernard Madoff

Bernard Lawrence "Bernie" Madoff is a former American businessman, stockbroker, investment advisor, and financier. He is the former non-executive chairman of the NASDAQ stock market, and the admitted operator of a Ponzi scheme that is considered to be the largest financial fraud in U.S...

in June 2009.