Industry News

Prison stay delayed for ex-Homestore CEO

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Lawyers for Stuart Wolff, the former Homestore CEO who was sentenced in October to 15 years in federal prison for his role in an accounting fraud scheme that artificially inflated Homestore revenues and almost ruined the company, have filed a motion to keep him out of custody pending an appeal of his conviction. The motion raises questions about a judge's financial interest in a company involved with Wolff's case and other aspects of his trial. U.S. District Court Judge Percy Anderson on Nov. 30 ordered Wolff to surrender himself to federal custody on or before Dec. 13 to begin serving his sentence, though legal proceedings have so far postponed his prison time. On Dec. 7, Wolff's lawyers submitted a motion to the Ninth Circuit U.S. Court of Appeals for Wolff's release, and lawyers had earlier filed a motion with the district court to put off Wolff's payment of a $5 million fine plus about $8 million in restitution. Wolff remains under electronic monitoring in his Southern California ...