John Rigas

Following John Rigas's arrest after being indicted for bank fraud, wire fraud, and securities fraud, the NHL virtually stripped him of his control over the Sabres team. After a period in bankruptcy, the franchise was purchased by another multibillionaire from western New York, Tom Golisano. On May 24, 2007 the Second Circuit Court of Appeals upheld the 2004 convictions of John and Timothy Rigas on 17 of the original 18 counts. On June 27, 2007, John Rigas and his son, Timothy J. Rigas, were ordered to report to prison on August 13 for their fraud convictions. On August 13, 2007, John and Timothy Rigas reported to the Federal Correctional Complex, Butner, located about 45 minutes northwest of Raleigh, North Carolina, unsuccessful in their request to be allowed to serve their time together at a facility close to their homes in Coudersport, Pa. On November 1, 2007, after a 20-day bidding war involving 31 bidders, the palatial $30 million former Adelphia Headquarters building in Coudersport, PA was sold to an undisclosed buyer at auction for just $3.4 million. On March 3, 2008, The Supreme Court rejected the final appeal without comment. The case was Rigas v. U.S., 07-494. John Rigas' original release date was 09-04-2020, but a federal judge reduced his sentence by three years, and his new release date is 01-23-2018. He will be 93 years old upon his release. Rigas applied for a Presidential pardon in January 2009 but George W. Bush left office without making a decision on Rigas' pardon request. Rigas was forced to sell his house in Indigo Run, Hilton Head Island, South Carolina in order to pay for legal fees.