LEGAL
Homestore Conviction Reversed
Homestore's former chief executive, Stuart Wolff, left, won a reversal of his conviction for directing a $67 million fraud at the online home-listings company.
The U.S. Court of Appeals in San Francisco threw out Wolff's conviction and 15-year prison sentence, ruling that U.S. District Judge Percy Anderson, who owned stock in Time Warner's AOL unit, should have removed himself from the case. Prosecutors said Dulles-based AOL was a party to most of the fraudulent transactions with which Wolff was charged.
A three-judge panel said Anderson's ownership of AOL stock constituted a "financial interest in the subject matter in controversy" and should have disqualified him. The appeals court sent the case back to the district court in Los Angeles to be reassigned to a new judge for a possible retrial.
Former Shell Trader Found Guilty
Anthony Dizona, a former trader for Shell Trading Gas and Power, tried to manipulate natural-gas prices, a federal jury found. The Commodity Futures Trading Commission said traders at the company reported false gas prices to index publishers in 2001 and 2002 to benefit their trading positions.
Guilty Plea in Scruggs Case
Former Mississippi auditor Steve Patterson pleaded guilty to conspiring with attorney Richard "Dickie" Scruggs and others to attempt to bribe a state court judge. Prosecutors contend that Patterson and the others wanted to secure a federal ruling in a dispute over legal fees from Hurricane Katrina litigation.
REGULATORS
Former PwC Workers Fined
Two former employees at PricewaterhouseCoopers were fined by U.S. regulators for using insider information about the firm's clients to buy stock before corporate takeovers.
Gregory Raben, a former auditor, and William Borchard, a former senior associate in the transaction services division, agreed to pay $68,600 in forfeited profits and penalties, the Securities and Exchange Commission said. Borchard leaked secret information to Raben, who made trades and tipped others, the SEC said.
AIRLINES
3 Carriers Cut Fuel Charge
American Airlines, United Airlines and Delta Air Lines reduced a $50 round-trip fuel surcharge in most U.S. markets to $20. Northwest Airlines instituted a $50 surcharge Monday. The higher charge remains in place at Continental Airlines.
TRANSPORTATION
