Prosecutor Says Rigas Family Made Adelphia Its ‘Private Piggy Bank’
Rigas Family Made Adelphia Its 'Private Piggy Bank'. Adelphia Communications Corp. founder John Rigas and his two sons siphoned millions of dollars from the company as if it were a "private piggy bank," for everything from 100 pairs of bedroom slippers to a new golf course, a prosecutor told jurors Monday. Assistant U.S. Attorney … [Read more...] about Prosecutor Says Rigas Family Made Adelphia Its ‘Private Piggy Bank’
Adelphia Exec Pleads Guilty
Adelphia Exec Pleaded Guilty. The former accounting director for Adelphia Communications Corp. pleaded guilty Friday in a cooperation agreement that should strengthen the government's case against the founder of the now bankrupt cable company and his sons. Timothy Worth entered the plea in U.S. District Court in Manhattan a day … [Read more...] about Adelphia Exec Pleads Guilty
Ex-Adelphia Exec to Plead Guilty
Ex-Adelphia Exec Pleaded Guilty. In a development that could help the government's case against the Rigas family members who founded Adelphia Communications Corp., the company's former vice president for finance is scheduled to plead guilty and has agreed to testify against the family members, people familiar with the matter told The … [Read more...] about Ex-Adelphia Exec to Plead Guilty
Five Former Adelphia Execs Arrested
Former Adelphia Execs Charged With Fraud. Adelphia Communications founder John Rigas, 77, was led away in handcuffs Wednesday as federal officials accused him and two of his sons — Timothy and Michael — with conspiring to use the No. 6 cable company as a "personal piggy bank." The Rigases, arrested in New York, were charged with … [Read more...] about Five Former Adelphia Execs Arrested
Adelphia Charges Up the Ante
Criminal Complaints Against Adelphia Communications. Ugly stories of corporate misbehavior have poured out of Adelphia Communications in recent months. But the feds have managed to dredge up some more. In civil and criminal complaints filed Wednesday, federal prosecutors and the Securities and Exchange Commission piled … [Read more...] about Adelphia Charges Up the Ante
Adelphia Audit Panel Seeks Probe
Adelphia Transactions Investigation. Adelphia Business Solutions Inc. said its audit committee has asked outside counsel to conduct an independent investigation into related-party transactions and agreements between the company, its former parent Adelphia Communications Corp. and the Rigas family, which founded and until recently ran … [Read more...] about Adelphia Audit Panel Seeks Probe
Adelphia Confirms Informal SEC Inquiry
Adelphia Subject Of An Inquiry By SEC. Adelphia Communications Corp. said Wednesday it is the subject of an informal inquiry by the Securities and Exchange Commission concerning off-the-book loans to partnerships controlled by its founders. Adelphia disclosed $2.3 billion in off-balance-sheet debt last week, sending its stock … [Read more...] about Adelphia Confirms Informal SEC Inquiry
