Industry News

Feds oppose appeal by former Homestore CEO

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In a court brief, federal prosecutors oppose an appeal by former Homestore CEO Stuart Wolff for a new trial. Wolff, who was convicted in June 2006 for his role in a multimillion-dollar accounting fraud that nearly collapsed Homestore, now known as Move Inc., was sentenced to a 15-year prison term and ordered to pay a $5 million fine and an additional $8.6 million in restitution. Homestore operated and other property-search Web sites. Wolff's lawyers have appealed his conviction with the 9th Circuit U.S. Court of Appeals, which will consider whether Wolff is entitled to a new trial. The U.S. Securities and Exchange Commission and U.S. Department of Justice in April 2005 filed criminal and civil cases against Wolff and Peter Tafeen, the company's former executive vice president of business development. Wolff served as CEO and chairman for Homestore from 1997-2002. He resigned from the company during an internal investigation. The government, in its brief, states that Wolff's...