Industry News

Stuart Wolff trial to begin this week

Former Homestore CEO faces criminal charges

Trial is scheduled to begin today in Los Angeles for Stuart Wolff, 42, the former Homestore CEO who allegedly participated in fraudulent transactions to boost the company's stock performance. Homestore Inc., which is in the process of re-branding as Move Inc., operates several property-search Web sites including Realtor.com, a home-search site that is affiliated with the National Association of Realtors trade group. Wolff, who left the company in January 2002 amidst an internal investigation, is charged with conspiracy, filing of false statements with the U.S. Securities and Exchange Commission, circumvention of internal auditing controls, fraudulent insider trading, and falsification of corporate books and records – a total of 19 counts. The federal criminal lawsuit was filed in April against Wolff and Peter Tafeen, another former Homestore executive. The charges carry a maximum possible sentence of 185 years in federal prison. The trial is scheduled to begin at 8 a.m. in U.S. ...