Industry News

Former Homestore exec receives 30-month sentence

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Peter Tafeen, a former Homestore executive who pleaded guilty to one count of securities fraud for his participation in a fraudulent advertising scheme, today was sentenced to serve 30 months in federal prison. Tafeen was also sentenced to three years of supervised release following the prison sentence, and six months of the supervised release program must be served in home confinement. Tafeen, who faced a maximum sentence of 10 years in prison, served as executive vice president of business development at Homestore from 1997 to November 2001. Homestore, which has operated Realtor.com and other property-search Web sites, this year re-branded as Move Inc. Assistant U.S. Attorney Michael R. Wilner said, "The sentence ... was very fair and it reflected both Tafeen's involvement in the crime and his assistance in cooperating with the government during (Stuart) Wolff's trial." Brian J. Hennigan, a lawyer for Tafeen who is a partner at Los Angeles law firm Irell & Manella LLP, said that ...