John Rigas, 80, and his son Timothy were convicted of fraud and conspiracy charges.
Posted on 06/20/2005 2:50:39 PM PDT by freepatriot32
NEW YORK (June 20) - A father and son are both going to prison for one of the largest frauds in corporate history.
Adelphia Communications founder John Rigas has been sentenced to 15 years in prison. His son, Timothy, has been given a 20-year sentence.
The New York judge says John Rigas' age and health kept him from imposing a stiffer sentence. Rigas is 80 years old.
The cable company collapsed into bankruptcy in 2002 after it disclosed a staggering two (b) billion dollars in debt that had been kept off the books. Prosecutors say the Rigas family also stole about 100 (m) million dollars for themselves.
John and Timothy Rigas had faced up to 30 years in prison each on their bank fraud convictions alone. They were also convicted of securities fraud and conspiracy. At the trial, prosecutors said the Rigases used complicated cash-management systems to spread money around to various family-owned entities and as a cover for stealing about $100 million for themselves.
The Rigases are among a slew of former corporate executives who have faced charges since the fall of Enron in 2001 touched off a parade of white-collar scandals.
John Rigas, 80, and his son Timothy were convicted of fraud and conspiracy charges.
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Almost did some consulting work for them in 2002... thank my lucky stars I didn't get the contract.
Now....when are they going to charge Mario Cuomo's son for overseeing the billions of missing dollars from HUD? Or the Los Angeles School District for billing Sacramento for millions in attendance money for students that don't exist/didn't attend?
Yeah you definitly dodged a bullet there
right around this time
Since John Ashcroft dropped the ball on that one, Alberto Gonzales should pick it up and initiate a grand jury hearing (or two) to include all the benefactors of that theft - including Terry McAwfull.
For the record, I lost $3000 on GC, while Terry Mc turned $100,000 into $16,000,000 and Winick sucked out $600 million before the collapse - he's living like a king in Hollywood these day in a mansion that was partially paid for by my loss.
That's my soapbox rant... please drive through.
Trajan88
WTF does age and health have to do with anything?
Other than avoiding the tax payers the burdon of paying his medical, it would appear to me that anyone commiting crimes late in life deserves MORE punishment than some one younger, because the older person has had more time to learn the rules.
Enjoy your retirement fellas.
Shameful end to an astounding career. I am not making excuses but his sons/daughter are 90% responsible for this horror.
Did anybody say something about hubris?
Chances are good that Terry didn't leave any incriminating evidence behind. He learned this from the Clintons. But I do think it's worth looking into. Alberto, are you reading this?
Leftist loudmouths have had a heyday complaining about corporate corruption and greed. They screamed about Enron non stop during the past electoral campaign. Lately we have seen the WorldCom, Tyco, Adelphia, Enron and HealthSouth scandals lead to many convictions of major players, with more (Lay, Scrushy, Skilling) to come.
Don't let the leftist termites paint Bush with this brush. The crimes of these companies were committed on Clinton's watch, and cleaned up by the Bush Justice Dept. Filthy crooked commie Terry McAuliffe was in bed with Global Crossing to the tune of tens of millions of dollars. We need to hammer home that these are Democrat scandals. Do not let the crooked commies deflect blame for this onto the Republicans.
-ccm
This administration has done more to clean up the corrupt corporate world than any administration including TR's.
Somebody should write an article on this....haven't seen one yet.
You are absolutely right. Good post!
WTF does age and health have to do with anything?
- the government doesn't have to pay for the 80 year old's health costs (he just lost all his job benefits - poor guy.)
Terry McA stole thousands under the guise of "it is capitalism" and he's gotten away with it.
Trajan88
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