World's #1 Company for Original Stock Certificates & Old Stock Research Services Since 1880 - Rated A+ by Better Business Bureau

Historic Stocks and Bonds                                              
Quality Research Service Since 1880                                   


What our customers say:




 




homestore.com with Stuart Wolff as president  ( Wolff  got 15-Year Sentence for fraud)  

homestore.com with Stuart Wolff as president ( Wolff got 15-Year Sentence for fraud)

Product #: newitem112914265

Normal Price: $169.95
Our Sales Price: $139.95

(You Save: 18%)

Qty:

PRODUCT DESCRIPTION  
Beautiful engraved specimen certificate from the homestore.com dated in 2001. This historic document was printed by United States Bank Note Company and has an ornate border around it with a vignette of the company logo. This item has the printed signatures of the Company's President, Stuart Wolff and Secretary.

Scripophily.com is a name you can TRUST!
Certificate Vignette


Ex-Homestore CEO Gets 15-Year Sentence

Thursday October 12, 2006

Former CEO of Homestore Sentenced to 15-Year Prison Term for Scheme to Defraud Investors

LOS ANGELES (AP) -- The founder and former chief executive of online real estate listings company Homestore Inc. was sentenced Thursday to a 15-year prison term and ordered to pay a $5 million fine for his part in a scheme to defraud investors.

Stuart Wolff, 43, was convicted in June on charges of insider trading, lying to company accountants and federal regulators, and conspiracy in a scheme to inflate online ad revenues at the Westlake Village-based company.

U.S. District Judge Percy Anderson scheduled a hearing for Nov. 13 to determine whether Wolff will have to pay restitution and if he will be able to remain free on bond pending an expected appeal.

Homestore shareholders lost more than $100 million when the company's stock price fell in 2001 on news of the federal investigation into the company's irregular accounting practices.

Wolff is the 11th former Homestore employee convicted on federal charges stemming from the scheme.

"The lengthy sentence handed out to Mr. Wolff should serve as a warning to other business leaders who may be tempted to cook their books in order to please market analysts," U.S. Attorney Debra Wong Yang said in a statement.

Wolff headed Homestore from 1997 until he resigned in January 2002. The company, which provides real estate listings and related services on the Internet, has since changed its name to Move Inc.

During the trial, prosecutors said the scheme involved Homestore paying some vendors extra for their products or services and the vendors would then use the money to buy advertising from two media companies.

The media companies, in turn, would buy advertising from Homestore, whose officials would improperly list the revenue on the company's financial statements in order to exceed Wall Street analysts' expectations.

Prosecutors argued that Wolff must have known about the $86 million in deals that other executives have acknowledged were fraudulent.

Wolff's lawyers blamed other employees, including many of the executives who have already pleaded guilty in the case, for the scheme and questioned whether Wolff knew of the dealings.

--------------------------------------------------------------------------------

Homestore execs to plead guilty to accounting fraud WASHINGTON, Sept 25 - Three former executives from the nation's largest online property firm have agreed to plead guilty for their role in fraudulently inflating their company's earnings, U.S. officials said on Wednesday. The U.S. government will file a criminal information in federal court in Los Angeles charging Homestore Inc's former chief operating officer John Giesecke and former chief financial officer Joseph Shew with conspiracy to commit securities fraud.

They will also charge Giesecke with wire fraud and former vice president John DeSimone will be charged with insider trading, officials said. The California-based company said late last year that it would conduct an internal audit to untangle extensive accounting errors from the past two years.

The deals it was looking into reportedly involved companies including America Online, the Internet arm of media giant AOL Time Warner Inc. In August, AOL Time Warner said its America Online unit may have improperly accounted for three advertising deals with revenue totaling $49 million.

One source familiar with the situation said on Wednesday the Securities and Exchange Commission informed AOL that it was not a target in the Homestore investigation but was a third party witness.

Federal law enforcement officials said Giesecke and Shew, along with some other high-ranking corporate officers, participated in a scheme from March 2001 to December 2001 to defraud investors by manipulating Homestore's reported revenues to make them appear higher than they really were. The conspiracy involved an illegal practice known as "round-tripping", when a company fraudulently inflates the revenues it reports to the investing public.



February 13, 2002 11:02

Nasdaq Changes Status of HomeStore.com Inc. and Requests Additional Information from Company NEW YORK, Feb. 13 /PRNewswire/ -- The Nasdaq Stock Market(R) announced today that the trading halt status in HomeStore.com Inc. (Nasdaq: HOMS) was changed to "additional information requested" from the company. Trading in the company had been halted today at 9:10 a.m. Eastern Time for News Pending at a last sale price of $.72. Trading will remain halted until HomeStore.com Inc. has fully satisfied Nasdaq's request for additional information.

--------------------------------------------------------------------------------

February 13, 2002 09:42

Homestore To Conclude Internal Inquiry By Mid-March; The Company Will Restate Year 2000 Results WESTLAKE VILLAGE, Calif., Feb. 13 /PRNewswire-FirstCall/ -- Homestore.com, Inc. (Nasdaq: HOMS) announced today that it will restate its financial results for the year ended December 31, 2000 and is expected to conclude its internal accounting inquiry and file restated financial statements by mid-March 2002.

"The restatements involve historical accounting issues that will be corrected, but do not relate to the ongoing operations of Homestore," said Mike Long, Homestore's Chief Executive Officer. "We are intensely focused on serving our customers. The company has sufficient financial resources to meet our customer commitments and to fund the growth of our business."

The company stated that it expects its cash flow from operations to be positive for the full year 2002 and that it had cash and cash equivalents available to fund operations of approximately $48 million at December 31, 2001, in addition to restricted cash of approximately $100 million.

The company previously announced that it intends to restate its quarterly financial statements for the quarters ended March 31, June 30 and September 30, 2001. Accordingly, investors should not rely on the company's previously filed reports on Forms 10-Q for those quarters, the previously filed report on Form 10-K for the year ended December 31, 2000, or the financial statements contained therein. The restatements are a result of the ongoing inquiry being conducted by the Audit Committee of the company's Board of Directors into the company's historical accounting practices.

--------------------------------------------------------------------------------

Homestore (Nasdaq: HOMS) is the leading supplier of online media and technology to the real estate industry. The company operates the #1 network of home and real estate Web sites including flagship site REALTOR.com(R), the official Web site of the National Association of REALTORS(R); HomeBuilder.com(TM), the official new homes site of the National Association of Home Builders; Homestore.com(TM) Apartments & Rentals; and Homestore.com(TM), a home information resource.

Nasdaq is making its own inquiries into Homestore.com's financial reporting. Several of the company's top executives, including co-founder and (former) chairman and CEO Stuart Wolff, have resigned from the company.


About Specimens

Specimen Certificates are actual certificates that have never been issued. They were usually kept by the printers in their permanent archives as their only example of a particular certificate. Sometimes you will see a hand stamp on the certificate that says "Do not remove from file".

Specimens were also used to show prospective clients different types of certificate designs that were available. Specimen certificates are usually much scarcer than issued certificates. In fact, many times they are the only way to get a certificate for a particular company because the issued certificates were redeemed and destroyed. In a few instances, Specimen certificates we made for a company but were never used because a different design was chosen by the company.

These certificates are normally stamped "Specimen" or they have small holes spelling the word specimen. Most of the time they don't have a serial number, or they have a serial number of 00000. This is an exciting sector of the hobby that grown in popularity over the past several years.

Product #: newitem112914265

Normal Price: $169.95
Our Sales Price: $139.95

(You Save: 18%)

Qty:
 

Scripophily.com and Old Company Research Press Releases

See Stock Certificate Expert Bob Kerstein, CEO Scripophily.com
discuss Stock Certificates in Bloomberg ,  the Associated Press ,
CNBC with Jane Wells discussing the Facebook IPO,
Inside Edition and the Today Show

Subscribe to our New Free RSS New Products Feed in a Reader

Subscribe to Our New Product Additions Feed by Email


We will always maintain our founding commitment to customer satisfaction and the delivery of an educational product with an enjoyable shopping experience.  Please let us know how we may be of service to you.



Scripophily has been
fully tested by
Norton Safe
Web

Bookmark and Share


Scripophily has been featured on CNN, CNBC, CBS, WSJ, Barrons, and many other fine publications
See Scripophily.com in the News at Scripophilynews.com


Note:
All Old Stock and Bond Certificates are actual authentic certificates and are sold only as collectibles. We do not sell reproductions and offer a lifetime guarantee to the authenticity of everything we sell.

All Rights Reserved. © 1996 - 2017

 
Scripophily.com is a name you can TRUST!
American Institute of
Certified Public Accountants

Scripophily.com is a name you can TRUST!
Virginia Society CPA's
Bob Kerstein, Member
Click to Verify Trust Certificate - Yahoo is a licensee of the TRUSTe´┐Ż Privacy Seal Program



  Scripophily.com is a name you can TRUST!
American Numismatic Association

Securities and Exchange
Commission Historical Society


Society of Paper Money Collectors
Member
Scripophily.com - Gift of History -  BBB Membership Seal
Better Business
 Bureau Member
Rated A+