Sentencing for Stuart Wolff, the former CEO of Homestore Inc. who was convicted in June on charges ranging from conspiracy to fraudulent insider trading, has been delayed until at least Oct. 10.
Assistant U.S. Attorney Michael R. Wilner said today, “At the defense’s request, the hearing has been postponed” and could be delayed until Oct. 10 or Oct. 16.
Wolff, 43, reportedly faces a maximum statutory sentence of 175 years in federal prison for the crimes at Homestore, now known as Move Inc. The company operates popular home-search Web site Realtor.com.
Wolff served as CEO and chairman of the board at Homestore from 1997-2002, when he resigned during an internal investigation. A jury found Wolff guilty of conspiracy, filing false statements with the U.S. Securities and Exchange Commission, lying to accountants, fraudulent insider trading, and falsification of corporate books and records.
He had originally been scheduled for sentencing Sept. 11.
There are 11 other defendants who also await sentencing related to past problems at Homestore, including Peter Tafeen, the company’s former executive vice president of business development who pleaded guilty in March to one count of securities fraud and organizing fraudulent advertising transactions through which Homestore artificially inflated its revenues.
The SEC and U.S. Justice Department in April 2005 announced criminal and civil cases against Wolff and Tafeen.
For more Inman News coverage of the Stuart Wolff trial, see “Wolff testifies in his own defense,” “Defense takes turn in Wolff trial,” “Former Homestore CFO testifies against Wolff,” “Chickenpox delays Wolff trial,” “Sixth witness testifies in Stuart Wolff trial,” “Ex-Homestore CFO testifies against Wolff,” and “Trial begins for former Homestore exec.”