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Cendant Calls Reports of SEC Inquiry Baseless

NEW YORK CITY-The real estate and travel giant is again forced to defend itself against published reports stating the SEC is investigating its dealings with online real estate firm Homestore.com, which has been under scrutiny by regulators for the past year.

By Glen Thompson | Updated on November 25, 2002

NEW YORK CITY-Cendant Corp. is once again denying published reports stating that the Securities Exchange Commission is conducting an investigation into the locally based real estate and travel behemoth’s dealings with Homestore.com, a Westlake Village, CA online real estate firm that has been the target of SEC inquiries for the past year.

Executives at Homestore reportedly have told federal prosecutors that phantom deals with Cendant and media giant AOL Time Warner were created to prop up Homestore’s sagging balance sheet during 2000 and 2001. The alleged transactions involved passing revenue from licensing and advertising between the three firms.

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