Industry News

Another former Homestore exec. gets jail time

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Another former Homestore executive was sentenced last week in connection with a scheme to inflate the online real estate company's ad revenues. John Giesecke, 45, was sentenced to one year in federal prison, followed by six months detention, according to an Associated Press report. Giesecke cooperated with prosecutors in the case and is among a number of former employees who entered guilty pleas under deals with the attorneys. Giesecke pleaded guilty to charges of conspiracy and wire fraud, and after sentencing, apologized to investors who were harmed, the AP reported. Giesecke testified against former Homestore CEO Stuart Wolff, who last month was sentenced to 15 years in prison for his role in the scheme that cost shareholders more than $100 million when the company's stock plummeted amidst the scandal. In June, U.S. District Court Judge Percy Anderson found Wolff guilty of conspiracy, filing false statements with the U.S. Securities and Exchange Commission, lying to accountants,...