A second executive from Adelphia Communications Corp. has pleaded guilty to separate charges of securities fraud and conspiracy to commit securities, wire or bank fraud.
Timothy Werth, former accounting director at Coudersport, Potter County-based Adelphia, appeared Friday in U.S. District Court in Manhattan. He said he regretted his part in the fraud, telling the court he should have “walked out rather than agree to participate.”
Mr. Werth, 33, worked under James Brown, who pleaded guilty last November in what prosecutors have termed one of the largest corporate fraud cases in U.S. history. Mr. Brown, the former vice president of finance, is expected to assist the prosecution. Mr. Werth’s plea agreement may bring him a lighter sentence if he, too, cooperates with authorities.
Four other former top Adelphia executives face numerous counts of fraud for looting the nation’s sixth-largest cable TV company out of billions of dollars. John Rigas, founder and former chairman, along with two of his sons, Timothy and Michael, and Michael Mulcahey have pleaded not guilty in the case.
A judge has set a trial date of Jan. 5, 2004.