BrokerageIndustry News

Bursting Stuart Wolff’s bubble

Why some MLSs didn't buy into 'cash for listings' plan

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

I had circled last week on my 2010 editorial calendar as a reminder to check back on a story that began more than a decade ago. It had profound national ramifications -- real estate and technology analysts even labeled it a microcosm of the "tech wreck" -- yet the first questions were raised in local multiple listing associations. The story is the retrial of Stuart Wolff -- the former Homestore chief executive who in 2006 was convicted of 15 counts of illegal insider trading and securities fraud -- which was set to begin last month in Los Angeles. He was granted the appeal because the original presiding judged failed to recuse himself from the trial because he owned stock in a company that was involved in the various transactions Wolff helped to negotiate. A month ago, Wolff agreed to a plea-bargain that could send him to prison for three to five years when he is sentenced in April. Wolff agreed to plead guilty to one count of conspiracy to commit securities fraud....