Industry News

Sixth witness testifies in Stuart Wolff trial

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Clayton Chan, 39, of San Francisco, testified in U.S. District Court in Los Angeles on Tuesday in the ongoing criminal trial of Stuart Wolff, former Homestore CEO. Chan, who was the vice president of Homestore's Strategic Alliances Group from January 2001 to July 2001 and was later promoted to senior vice president of the group, is the sixth person called to testify in the trial, which began March 30. Federal prosecutors are attempting to prove that Wolff participated in a fraudulent scheme to artificially inflate revenues at Homestore and deceive investors. Federal prosecutors have also called Mark Rowen, an employee at Prudential Equity Group; Rosalind Tyson, associate regional director for regulation at the SEC office in Southern California; John Giesecke, Homestore' former CFO and COO; Sailesh Patel, who served as director of business development at Homestore from August 2000 to October 2001; and Geoffrey Infeld, a former salesman for Homestore's Strategic Alliances Group; to serv...