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Adelphia Executives Convicted

Founder John Rigas and former CFO Timothy Rigas were found guilty of 18 counts of securities fraud, bank fraud, and conspiracy.

> > John Rigas, the founder of Adelphia Communications Corp., and his son Timothy, the former CFO, have been found guilty of looting the cable company and deceiving investors. John Rigas, 79, and Timothy Rigas, 47, each faces 30 years in prison on the bank fraud charge alone.
John Rigas and Timothy Rigas were both convicted on 18 counts of securities fraud, bank fraud, and conspiracy, and acquitted on 5 counts of wire fraud. Former VP Michael Rigas, another son of the Adelphia founder, was acquitted of conspiracy and wire fraud charges.
Source: CFO


Published:2004-07-09
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