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Home  Random Extras Former Homestore.com CEO Sentenced for Cooking the Books
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Former Homestore.com CEO Sentenced for Cooking the Books |
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Written by Zamna Avila
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Thursday, 22 April 2010 |
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Los Angeles – Stuart Wolff was
sentenced April 19 to 54 months in federal prison for overseeing a
fraudulent round-trip scheme that inflated the Homestore.com’s
revenue.
Wolff is slated to begin serving his
sentence June 21. He pleaded guilty in January to one count of
conspiracy to commit securities fraud in 2001. Homestore paid
millions to vendors for unnecessary or unused products and services
to start a circular flow of funds that would improperly return to
Homestore as revenue. He admitted recording advertising revenue from
those deals to make false statements about the company’s financial
condition, improperly recording $60 million in phony revenue.
When round-trip scheme was revealed,
Homestore's stock price dropped sharply and more than $1 billion in
shareholder equity disappeared. The company was forced to eliminate
more than 1,000 jobs to cut costs and stay out of bankruptcy. The
company still operates under the name Move, Inc. but its stock still
trades at a price far below what it once did in 2001.
The sentencing memo argued Wolff
realized profits of more than $8.6 million when he sold his stock in
2001. In 2006, Wolff was convicted at trial of more than a dozen
criminal charges and was sentenced to 15 years in federal prison.
However, the U.S. 9th Circuit Court of Appeals reversed the
conviction in January 2008.The case was returned to the District
Court.
Wolff is the 12th individual convicted
of federal charges and sentenced in relation to the Homestore scheme.
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