Adelphia Communications Corp.
Federal prosecutors continued their hunt for corporate miscreants last year with a fraud trial of four former executives from Adelphia Communications Corp. At the center of the allegations stood John Rigas, the patriarch of the Rigas family who founded the nation's sixth largest cable company decades ago. His two sons, Michael and Timothy, also faced charges of looting company assets and using its bank accounts as a personal piggy-bank. A fourth executive, Michael Mulcahey, was also charged for contributing to the fraud.
The trial, which stretched over four months, was among the longest in 2004. After a string of victories for white-collar prosecutions by the Securities and Commodities Fraud Unit of the Southern District U.S. Attorney's Office, the Adelphia trial ended with a split verdict. John and Timothy Rigas were found guilty of 18 counts of securities and bank fraud and conspiracy to commit securities fraud for
hiding $2.3 billion in company debt from investors and regulators and
using company funds to pay for lavish personal expenses. Sentencing is scheduled for later this month.
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http://www.law.com/jsp/nylj/specialsNYLJ.jsp?id=1109128225384
Buffalo Sabres books are probably fine, they only probably committed the crimes against the parent company Adelphia.
Rigas probably never considererd moving money back and forth between the Sabres and Adelphia to misrepresent actual figures .. I mean hiding 2.3 billion is no easy task after all ..
Bob Goodenow come take a look at this for yourself or can we use the fact that he was found guilt of 18 different counts that their may be a bit of a problem with the numbers ..
In fact Bettman should employ Rigas as a consultant from prison .. The NHL revenue was reported as $ 2.1 Billion and Rigas got away with hiding 2.3 Billion .. With his assistance and expertise the NHL can have the Hard Cap set at ** ZERO **even without linkage .