Industry News

Trial against former Homestore execs set for January

Pre-trial proceedings underway in cases against Wolff and Tafeen

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Evidence gathering continues in the pre-trial stages of the criminal case filed by the federal government against former Homestore executives Stuart H. Wolff and Peter B. Tafeen. The jury selection process is scheduled to begin Jan. 17, though lawyers say the start date could be postponed. The U.S. Securities and Exchange Commission and U.S. Justice Department in April announced criminal and civil cases against Wolff, the former CEO of Homestore, and Peter Tafeen, the company's former executive vice president of business development. The pair allegedly participated in a scheme to inflate Homestore's online advertising revenues through fraudulent "round-trip" transactions. Wolff, of Westlake Village, Calif., served as Homestore's CEO and chairman of the board from 1997 to January 2002, when he resigned during an internal investigation. Tafeen, 36, of Parkland, Fla., served at Homestore from 1997 to November 2001. Both men allegedly misled investors and analysts about the company's ...