Former Homestore Boss Gets 15 Years

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Former Homestore Inc. Chief Executive Stuart Wolff was sentenced to 15 years in prison for heading up a $67 million fraud at the online home-listings company.


U.S. District Judge Percy Anderson also ordered Wolff to pay $8.64 million in restitution along with a $5 million fine in addition to the prison term during a hearing Thursday in Los Angeles federal court.


Wolff faced as much as 175 years in prison after a jury found him guilty earlier this summer of 18 felony counts related to the fraud. Wolff’s attorney, Lawrence Barcella, said he will appeal.


Wolff was convicted of using fake transactions to inflate sales and to boost the stock price of the Westlake Village-based company, which has since changed its name to Move Inc.


In addition to Wolff, 11 other former Homestore employees have been convicted for their roles in the fraud. Wolff was the only one who didn’t strike a plea bargain with the government.


Shares in Move Inc. were flat early Friday at $5.15.

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