A judge has sentenced the founder and former chief executive of an online real estate listings site to 15 years in prison for his role in orchestrating a $67 million accounting fraud.Stuart Wolff, 43, was found guilty in June of conspiracy, insider trading, making false regulatory filings and lying to auditors, all in a scheme to inflate revenue at Homestore Web sites -- including the former Realtor.com, Homestore.com, HomeBuilder.com and RentNet.com. Homestore changed its name earlier this year to Move Inc., and will bring all of its sites under the single domain Move.com.
At a hearing in U.S. District Court in Los Angeles, Judge Percy Anderson ordered Wolff to pay $8.64 million in restitution and a $5 million fine in addition to the prison term. Lawyers for Wolff have already said that they will appeal the verdict.
