Former Homestore exec pleads guilty

Former Homestore exec pleads guilty
WEST LAKE VILLAGE, Calif. -- March 6, 2006 -- Peter Tafeen, the former executive vice president of business development for Homestore Inc., which operates the official Web site of the National Association of Realtors (NAR), Realtor.com, pleaded guilty Friday to one count of securities fraud in connection with a scheme to inflate the company’s online advertising revenues. He faces a maximum prison sentence of 10 years.

The remaining defendant in the case, Stuart Wolff, who was Homestore’s chief executive officer, is scheduled to go to trial on March 28. Wolff has been charged with 19 counts, and, if convicted, faces a maximum possible sentence of 185 years in prison.

By fraudulently inflating Homestore's short-term revenues, Tafeen helped make it seem that Homestore stock exceeded analysts' expectations, thus boosting its value. He's the 10th former Homestore executive to plead guilty.

© 2006 FLORIDA ASSOCIATION OF REALTORS®

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