Washington, dc, july 24, 2002-- the securities and exchange commission today filed charges against adelphia communications corp its founder john j rigas his three sons, timothy j rigas, michael j rigas, and james p rigas and two senior executives at adelphia, james r brown, and michael c mulcahey, in one of the most extensive financial frauds ever to take place at a public company. The adelphia story the sixth-largest cable company might as well have been called john rigas & sons its rise and fall was a small-town saga of epic dimensions by devin leonard reporter associates ann harrington, doris burke.
The end of the adelphia saga the adelphia communications saga finally comes to a close as john and tim rigas go to prison a summary of one of the biggest scandals in us history. New york — john rigas, who turned a $300 investment a half-century ago into cable behemoth adelphia communications corp, was sentenced to 15 years in prison monday for his role in the looting and debt-hiding scandal that pummeled the company into bankruptcy.
John rigas, who turned a $300 investment a half-century ago into cable behemoth adelphia communications corp, was sentenced to 15 years in prison monday for his role in the looting and debt-hiding scandal that pummeled the company into bankruptcy. In the adelphia scandal, three founders of family-owned adelphia communications corp and two of the company's high-level executives were accused of fraud, conspiracy and theft on a massive scale this was one in a series of similar fraud cases of 2002. Adelphia founder john rigas and two of his sons were arrested and charged with looting the cable-television company two other executives were also arrested.
Adelphia communications corporation (former nasdaq ticker symbol adelq), was a cable television company headquartered in coudersport, pennsylvania adelphia was the fifth-largest cable company in the united states before filing for bankruptcy in 2002 as a result of internal corruption. The adelphia scandal in 1952, john rigas purchased his own cable company by the late 1990's, he had turned it into the sixth largest cable company in the united states with 56 million customers.
With the avalanche of corporate accounting scandals that have rocked the markets recently, it's getting hard to keep track of them all--but our corporate scandal sheet does the job.
The adelphia scandal the dawn of adelphia adelphia was founded in 1952 by john rigas and his brother gus rigas in coudersport, pennsylvania with the purchase of their first cable franchise for $300.