Mark k schonfeld director of the secs northeast

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Mark K. Schonfeld, Director of the SEC's Northeast Regional Office, said, "This settlement agree- ment presents a strong, coordinated approach by the SEC and the U.S. Attorney's Office to resolving one of the most complicated and egregious financial frauds committed at a public company. The settlement provides an expedient and effective way to provide victims of Adelphia's fraud with a substantial recovery while at the same time enabling Adelphia to emerge from Chapter 11 bankruptcy." -:he settlement terms of this action, and related criminal actions against the Rigas family, resulted in the following: Rigas family members forfeited in excessof $1.5 billion in assetsderived from the fraud; the funds were used, in part, to establish a fund for the fraud victims. Rigas family members were barred from acting as officers or directors of a public company. John Rigas, the 80-year-old founder of Adelphia Communications, was sentencedto 15 years in prison; he applied for a Presidential pardon in January 2009 but was denied. Timothy Rigas, the ex-finance chief, was sentencedto 20 yearsand is currently serving time at afederal correctional complex in North Carolina.
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