Peter Tafeen

Los Angeles, CA: The Securities and Exchange Commission filed charges against the Homestore Inc. executive for shareholder fraud in connection with a scheme to inflate online ad revenues at the online real estate listings company. Homestore paid 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. Tafeen has been permanently barred from serving as an officer or director of a public company and will pay $2.6 million. (Nov-07-06) [SAN JOSE MERCURY NEWS: SECURITIES FRAUD]

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