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Former Homestore chairman agrees to pay $11.9M in restitution

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Former Homestore Inc. chairman and CEO Stuart Wolff has agreed to pay $11.9 million in restitution to settle allegations that he and other company officers fraudulently inflated revenue to pump up Homestore's stock.Wolff's consent agreement with the U.S. Securities and Exchange Commission could be the final chapter in a scandal that nearly brought down operator Homestore, which has since rebranded as Move Inc.A decade ago, at the height of the dot-com boom, Wolff and other Homestore executives created a complex structure of "round-trip" transactions using various third-party companies for the sole purpose of generating false advertising revenue for Homestore, the SEC alleged in a 2005 complaint.When Homestore restated its earnings for the disputed period, it acknowledged inflating revenue by nearly $200 million, according to court documents in another lawsuit filed on behalf of Homestore investors in December 2001.Wolff pleaded guilty in January in a separate crim...