ArticleAdelphiaCFOMagazine - Adelphia Story Indictments...

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Adelphia Story: Indictments Handed Out in Fraud Case John Rigas, three former finance department executives, and ex-VP of operations charged with stealing millions from cable company. John Goff , September 23, 2002 Five former top executives of Adelphia Communications Corp. -- including several high- ranking employees in the cable company's finance department -- were indicted on Monday on charges they stole hundreds of millions of dollars from the company. According to wire service accounts, John Rigas, the 78-year-old founder of the cable giant, was indicted, along with his sons Timothy and Michael, for allegedly perpetrating securities fraud, wire fraud and bank fraud. Timothy J. Rigas formerly served as Adelphia's chief financial officer, while Michael J. Rigas was the company's vice president of operation. Both executives resigned near the end of May, as did the elder Rigas. Adelphia filed for Chapter 11 bankruptcy protection on June 25. In addition to the charges against the Rigas family members, the Manhattan federal court
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This note was uploaded on 09/01/2010 for the course BAT4M BAT4M taught by Professor Katz during the Fall '05 term at Acadia.

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ArticleAdelphiaCFOMagazine - Adelphia Story Indictments...

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