Walter Forbes, former chairman of the services conglomerate once known as Cendant, was sentenced to prison Wednesday.

A federal judge sentenced Forbes to 12 years and seven months in prison and ordered him to pay $3.275 billion in restitution, the Associated Press reported. The 64-year-old New Canaan, Conn., resident had asked for leniency based on his age and charity work.

In October, a jury found Forbes guilty of conspiracy to commit securities fraud and two counts of making false statements in a massive scheme that cost investors of the travel and real estate company more than $3 billion. He was found not guilty of a fourth count, securities fraud.

Prosecutors contended that Forbes took part in a plan to artificially inflate the stock of CUC International, one of Cendant's predecessors, by $500 million. Forbes said he didn't know anything about the scheme.

Forbes was the CEO of CUC when the company merged with HFS in 1997, forming Cendant. Cendant is now known as Avis Budget Group ( CAR), after Cendant split into pieces via a spinoff last year.

The year after Cendant was created, investors learned about the fraud plot, sending them fleeing from the stock. E. Kirk Shelton, the ex-vice chairman at Cendant, was convicted last year of conspiracy, mail fraud, wire fraud and other charges.

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