Industry News

Former Homestore CEO remains out of custody

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A U.S. District Court judge ruled that former Homestore CEO Stuart Wolff, who was convicted in June for his role in a multimillion-dollar accounting fraud, is not a flight risk and can remain out of federal custody as he pursues an appeal of his conviction. A panel of judges for the 9th Circuit U.S. Court of Appeals found that Wolff raised a "'substantial question' of law or fact" in his challenge to overturn a U.S. District Court judge's custody order and stay out of federal prison. And U.S. District Court Judge Percy Anderson, who presided over Wolff's trial and had earlier denied Wolff's bail pending appeal, found that Wolff is not likely to flee or pose a danger to the community as he pursues the appeal. Wolff, sentenced in October, faces a 15-year prison term, $5 million fine and $8.6 million order of restitution. He is currently out on bond. He is subject to "an asset freeze order, a $4 million cash bond secured by his residence, private securities and a portion of the equit...