Industry News

Wolff testifies in his own defense

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LOS ANGELES -- Stuart Wolff, the former CEO of Homestore (now Move Inc.), appeared in court here yesterday to defend himself against charges of conspiracy, filing false statements with the Securities and Exchange Commission, circumvention of internal auditing controls, fraudulent insider trading and falsification of corporate books and records. In his hours-long testimony, which began Wednesday, Wolff portrayed the company's former COO and then-CFO John Giesecke as an unhappy and power-hungry second-in-command; claimed that post-merger confusion and internal politics at AOL Time Warner poisoned Homestore's relationship with that company; and suggested that certain meetings, telephone calls and e-mail messages presented in court concerned overdue accounts payable, not fraudulent advertising deals with AOL. He also implied that he hadn't authorized a wire transfer that's at issue in the trial, hadn't written two e-mail messages that prosecutors had introduced into evidence a...