Monday, June 20, 2005
cnnmoney.com,
cnnmoney.com,
Adelphia founder sentenced to 15 years
NEW YORK (CNN/Money) - John Rigas, the founder of Adelphia Communications, was sentenced Monday to 15 years in prison nearly a year after being convicted for his role in a multibillion-dollar fraud that led to the collapse of the nation's fifth-largest cable company.
His son Timothy, the company's former CFO, was sentenced to 20 years in prison.
John Rigas, who ran Adelphia for more than five decades, and Timothy were convicted last July on 18 felony counts apiece of fraud and conspiracy. Because they were each found guilty of the same charges, they were given different prison terms due to age.
John Rigas is 80 and ailing; Timothy is 49.
They were ordered to surrender to prison authorities Sept. 19.
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Posted by Tracey on 06/20/05 at 03:34 PM •
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