Cendant’s Shelton Denies Fraud Claims
From Bloomberg News
E. Kirk Shelton, a former vice chairman at Cendant Corp., testified at his criminal trial that he had no knowledge of fraudulent accounting at a predecessor company or of “cheat sheets” to track false financial results.
Prosecutors allege that Shelton helped fabricate profit at CUC International Inc., which merged with HFS Inc. in 1997 to create Cendant, the world’s largest hotel franchiser.
Shares of New York-based Cendant rose 22 cents to $22.38 on the New York Stock Exchange.
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