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Arrests of Adelphia founder and two sons over massive fraud
Federal authorities charged John Rigas and his sons Timothy and Michael with looting Adelphia Communications, totaling hundreds of millions as the firm filed for bankruptcy. Two other former executives were arrested in Pennsylvania. SEC seeks restitution and a bar from serving as officers. The case follows prior corporate prosecutions and a White House pledge to crack down on fraud.
MENTIONED IN THIS ARTICLE
New York
Adelphia Communications
John Rigas
Timothy
Michael
James Brown
Michael Mulcahey
Pennsylvania
Rigases
Peter Fleming
Michael Rigas
Securities and Exchange Commission
SEC
Tyco International
ImClone Systems
White House
Adelphia
Justice Department
Bush
Washington D.C
Adel
Phia
Coudersport, Pa
Rigas
William Kezer
U.S. Postal Inspection Service
Adelphia Communications Corp
Manhattan