Industry News

Wolff sentenced to 15 years in federal prison

Lawyers plan to appeal former Homestore CEO's conviction

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A U.S. District Court judge on Thursday sentenced Stuart Wolff, the former CEO of Homestore Inc. (now doing business as Move Inc.), to 15 years in federal prison. He was also ordered to pay a $5 million fine and restitution to victims of a financial scheme that artificially inflated revenues and nearly collapsed the company. In June, U.S. District Court Judge Percy Anderson found Wolff, 43, 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. Wolff is appealing the conviction and sentencing. He faced a maximum statutory sentence of 175 years in federal prison for the crimes. Assistant U.S. Attorney Michael R. Wilner said that Wolff spoke briefly during the sentencing proceedings Thursday but did not acknowledge any guilt. "He apologized that essentially the fraud occurred on his watch by his subordinates. Wolff maintained his innoce...