Adelphia’s former executive VP to serve 10 months of home confinement

Posted by Tracy Coenen on March 5, 2006 · Leave a Comment 

Michael J. Rigas, the former executive vice president of cable company Adelphia Communications Corp. will serve 10 months of home confinement and two years of probation. He will also pay a $2,000 fine. This is his punishment for helping to conceal fraud at the company.

Rigas faced up to three years in prison for filing a false statement with the SEC in connection with a 1999 purchase of Adelphia stock for $1.7 million. He reported that source of the money he used to purchase the shares was personal funds. He later admitted that the money actually came from Adelphia.

In 2004, his father (John Rigas) and brother (Timothy Rigas, former CFO) were convicted of taking more than $2 billion from Adelphia for personal use, as well as mislading investors about the company’s performance. John was sentenced to 15 years in prison, and Timothy was sentenced to 20 years in prison. Both remain free on bail while their appeals are pending.


Related Posts

  1. Chart on White Collar Defendants
  2. How high profile white collar criminals fared in the legal system
  3. Enron executive sentenced to prison
  4. Computer Associates ex-executive sentenced to prison
  5. Another former Enron executive is sentenced

Leave a Comment

Comments containing profanity, personal attacks, threats, abuse, hate speech, or otherwise objectional content will not be published. Do not assume that the author of this blog agrees with or endorses any comments made by commenters. Promotion of MLM companies is not permitted, and that includes linking to MLM sites and making unsubstantiated earnings claims.