Industry NewsTechnology

U.S. prosecutors seek rehearing in Stuart Wolff case

Panel of appellate judges had tossed out conviction

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U.S. government prosecutors have asked a panel of judges to reconsider a ruling that dismisses the conviction and sentencing of the former CEO for Realtor.com operator Homestore Inc., now known as Move Inc. Stuart Wolff, who served as CEO and chairman for Homestore from 1997 until his resignation during the company's internal investigation in 2002, was convicted in June 2006 on 18 counts, including conspiracy to commit securities fraud, falsifying company books and records, lying to accountants and engaging in illegal insider trading. He was sentenced to 15 years in prison and ordered to pay a $5 million fine and $8.6 million in restitution to shareholder victims. That conviction was scrapped by a panel of three judges from the U.S. 9th Circuit Court of Appeals, who ruled in January that the judge in the Wolff trial should have been removed from that case because of a financial interested in America Online, a company that had engaged in transactions with Homestore that wer...