Convicted executives forced to sell homes

0 Comments | USA TODAY, November, 2006 | by Greg Farrell

When CEOs sell their multimillion-dollar homes, it's usually because they're relocating to a different market, or trading up to an even bigger house. In the case of Walter Forbes, the former Cendant chairman whose baronial 8-acre estate in New Canaan, Conn., is on the market for $12.5 million, the reasons are a little different.

Forbes, 63, was convicted two weeks ago of conspiracy and making false statements in connection with a massive fraud that cost Cendant investors $14billion when it was exposed in 1998. Unless his conviction is overturned on appeal, he'll be relocating, all right, but most likely to a property surrounded by thick walls and concertina wire. As such, Forbes is poised to join the pantheon of convicted former executives who've had to sell their trophy...