Former Homestore.com CEO and Chair Stuart Wolff was sentenced to four and a
half years in prison Monday for his role in a 2001 scheme to inflate
Homestore's revenues.Wolff, who accepted a plea bargain, admitted to one count of conspiracy to
commit securities fraud.Wolff received nearly the maximum-possible five-year term. He maintained
that he didn't participate in the fraud, but did approve it.During the sentencing, the judge said Wolff and the Homestore scheme caused
"widespread injury to untold numbers of people in the stock market," and was
a "calculated deception of the public."Source: Inman News, Matt Carter (04/19/2010
half years in prison Monday for his role in a 2001 scheme to inflate
Homestore's revenues.Wolff, who accepted a plea bargain, admitted to one count of conspiracy to
commit securities fraud.Wolff received nearly the maximum-possible five-year term. He maintained
that he didn't participate in the fraud, but did approve it.During the sentencing, the judge said Wolff and the Homestore scheme caused
"widespread injury to untold numbers of people in the stock market," and was
a "calculated deception of the public."Source: Inman News, Matt Carter (04/19/2010
via Ping.fm
No comments:
Post a Comment