- Homestore execs to plead guilty to Fraud - Homestore execs to plead guilty to Fraud

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Beautifully engraved certificate from the issued in 2002. This historic document was printed by the Security-Columbian Banknote 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 Chief Executive Officer ( Stuart Wolff ) and its Secretary. The company's stock was trading for over $120 / Share in 2000.
Certificate Vignette 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 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 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 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/ --, 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, the official Web site of the National Association of REALTORS(R);, the official new homes site of the National Association of Home Builders; Apartments & Rentals; and, a home information resource. Nasdaq is making its own inquiries into'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.


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