Adelpia communications accounting scandal

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Adelpia communications accounting scandal

Did John Rigas get what he deserved? John Rigas, who ran Adelphia for more than five decades, and Timothy were convicted last July on 18 felony counts apiece of fraud and conspiracy.

Because they were each found guilty of the same charges, they were given different prison terms due to age. John Rigas is 80 and ailing; Timothy is They were ordered to surrender to prison authorities Sept. In a lengthy address to the court before his sentencing, John Rigas asked for leniency and was nearly in tears, according to a CNN correspondent at the hearing.

Prosecutors had requested a year sentence for each of the men, noting that the illegal deals the father and son were convicted of helped drive Adelphia into bankruptcy. Lawyers for the Rigases, who are appealing their convictions, had asked for leniency.

John Rigas has had heart trouble and been diagnosed with bladder cancer. Jacob Frenkel, a former federal prosecutor, called the year sentence for John Rigas "substantial" by historical standards for white-collar crimes. Frenkel thinks the judge was trying to send a clear message to corporate executives.

The sentencing comes as prosecutors have achieved some big wins in their fight against corporate corruption. WorldCom filed the largest bankruptcy in U.

They claimed that the Rigases had effectively used Adelphia as their personal piggy bank to pay for luxury condos and a golf course, and to cover personal investment losses. John and Timothy Rigas were found guilty on 18 of the 23 counts brought against them.

Their sentencing had been delayed repeatedly in recent months, in part because of a separate, related investigation by the Justice Department and the Securities and Exchange Commission. Michael Rigas, another former executive and also a son of John, is awaiting a second trial after the jury acquitted him on some charges and deadlocked on other felony counts against him.

A second trial for Michael Rigas is due to start in October. Adelphia, which was located for decades in Coudersport, Penn.Adelphia Communications Accounting Scandal Description In spring of Adelphia Communications reported $ billion in off- balance sheet liabilities.

The owner John Rigas and his two sons Timothy and Michael are said to have deliberately hid the problems. BIGGEST and the BEST ESSAYS BANK. Phar-Mar Inc. Accounting Scandal Essays, Phar-Mar Inc. Accounting Scandal PAPERS, Courseworks, Phar-Mar Inc. Accounting Scandal Term Papers, Phar-Mar Inc.

Accounting Scandal Research Papers and unique Phar-Mar Inc. Accounting Scandal papers from leslutinsduphoenix.com 23 rows · Jul 25,  · Adelphia Communications April Founding Rigas family collected $ .

Adelphia Communications Corporation - Wikipedia

Adelphia cable accounting scandal James July 02, States and financial accounting firm adelphia scandal - green's blue flame gas co. Expected after being convicted on a corporate scandal.

Jun 8, adelphia communications corporation former nasdaq ticker symbol adelq, was noted that most since the adelphia communications corporation. Adelphia Communications Accounting Scandal Description In spring of Adelphia Communications reported $ billion in off- balance sheet liabilities.

Adelpia communications accounting scandal

Jul 09,  · • Adelphia Founder, Son Convicted of Fraud (The Washington Post, Jul 9, ) • Adelphia Founder, Son Found Guilty of Conspiracy (The Washington Post, Jul 8, ) But another of John Rigas's sons, Michael, 50, was acquitted of conspiracy, and jurors were deadlocked on 17 bank and securities fraud charges against him.

Adelphia Communications Corporation - Wikipedia