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John J. Rigas, whose high-flying success as the founder of Adelphia Cable ended in disgrace and prison over shareholder fraud, died today in Coudersport, Pa. He was 96 and his death was confirmed by a funeral director in the town.
Rigas was at one time an admired businessman and American success story. He turned a $300 investment in a small cable TV system into the nation’s sixth-largest communications empire, building a family business at a time when cable ruled.
At its height, the family-run Adelphia Communications Corporation had 5.5 million customers in more than 30 states. The money flowed so much that the family bought the Buffalo Sabres of the National Hockey League.
That ended in 2004, when Rigas and his son, the Adelphia CFO, were convicted of securities fraud and bank fraud. They were accused of falsifying the company’s earnings and diverting more than $3 billion in company funds for their own use.
Rigas was at one time an admired businessman and American success story. He turned a $300 investment in a small cable TV system into the nation’s sixth-largest communications empire, building a family business at a time when cable ruled.
At its height, the family-run Adelphia Communications Corporation had 5.5 million customers in more than 30 states. The money flowed so much that the family bought the Buffalo Sabres of the National Hockey League.
That ended in 2004, when Rigas and his son, the Adelphia CFO, were convicted of securities fraud and bank fraud. They were accused of falsifying the company’s earnings and diverting more than $3 billion in company funds for their own use.
- 10/1/2021
- by Bruce Haring
- Deadline Film + TV
NEW YORK -- A U.S. court has denied a request by Adelphia Communications Corp. founder John Rigas and his son Timothy for a new trial.
U.S. District Judge Leonard Sand in Manhattan Tuesday rejected the argument asking for a new trial on the grounds that "the government's central witness gave perjured testimony, without which the Rigases likely would not have been convicted." Sand wrote in an 11-page opinion that "the jury's verdict would not have been different had it considered the allegedly conflicting testimony." The father and son were found guilty in July 2004 of concealing loans and stealing millions from the cable operator. John Rigas was sentenced in June 2005 to 15 years in prison, while son Timothy, the company's former finance chief, was sentenced to 20 years. They began serving their prison terms earlier this year. Last month, they asked the U.S. Supreme Court to hear an appeal of their fraud convictions.
U.S. District Judge Leonard Sand in Manhattan Tuesday rejected the argument asking for a new trial on the grounds that "the government's central witness gave perjured testimony, without which the Rigases likely would not have been convicted." Sand wrote in an 11-page opinion that "the jury's verdict would not have been different had it considered the allegedly conflicting testimony." The father and son were found guilty in July 2004 of concealing loans and stealing millions from the cable operator. John Rigas was sentenced in June 2005 to 15 years in prison, while son Timothy, the company's former finance chief, was sentenced to 20 years. They began serving their prison terms earlier this year. Last month, they asked the U.S. Supreme Court to hear an appeal of their fraud convictions.
- 11/21/2007
- The Hollywood Reporter - Movie News
Three years after their conviction for corporate fraud, Adelphia Communications Corp. founder John Rigas and his son Timothy will finally start their prison terms in mid-August, a judge ruled Wednesday.
The father, the former cable company's chairman and CEO, and son, its CFO, have remained free on bail while they pursued an appeal, which they lost last month.
On Wednesday, U.S. district Judge Leonard Sand set a surrender date of Aug. 13, arguing that too much time has elapsed between the verdict and the start of their sentences.
John Rigas, 82, was sentenced to 15 years in prison, while Timothy, 51, was sentenced to 20 years.
A sentencing judge previously signaled that the elder Rigas' prison sentence could be shortened given his poor health.
The family's appeal options are nearly exhausted. They have asked the appeals court to reconsider the case and also plan to ask the Supreme Court to intervene, which it rarely does in such cases.
The father, the former cable company's chairman and CEO, and son, its CFO, have remained free on bail while they pursued an appeal, which they lost last month.
On Wednesday, U.S. district Judge Leonard Sand set a surrender date of Aug. 13, arguing that too much time has elapsed between the verdict and the start of their sentences.
John Rigas, 82, was sentenced to 15 years in prison, while Timothy, 51, was sentenced to 20 years.
A sentencing judge previously signaled that the elder Rigas' prison sentence could be shortened given his poor health.
The family's appeal options are nearly exhausted. They have asked the appeals court to reconsider the case and also plan to ask the Supreme Court to intervene, which it rarely does in such cases.
- 6/28/2007
- The Hollywood Reporter - Movie News
Adelphia Communications Corp. founder John Rigas and his son Timothy on Thursday lost their appeal of convictions for looting the cable operator for their personal benefit, moving them closer to lengthy jail terms.
An appeals court upheld most counts in the criminal convictions of John Rigas, who had served as chairman and CEO of Adelphia, and his son Timothy, the company's former CFO, but said they should be resentenced by a district court after dismissing one count of bank fraud.
The two are facing prison terms for convictions of counts of fraud, including bank and securities fraud, as well as conspiracy. A three-judge panel Thursday dismissed one count of bank fraud, but affirmed the father-son's July 2004 convictions on 22 other counts, citing "the overall strength of the government's case."
In 2005, John Rigas was sentenced to 15 years in prison, with his son sentenced to 20 years. Both have remained free on bail during their appeals.
An appeals court upheld most counts in the criminal convictions of John Rigas, who had served as chairman and CEO of Adelphia, and his son Timothy, the company's former CFO, but said they should be resentenced by a district court after dismissing one count of bank fraud.
The two are facing prison terms for convictions of counts of fraud, including bank and securities fraud, as well as conspiracy. A three-judge panel Thursday dismissed one count of bank fraud, but affirmed the father-son's July 2004 convictions on 22 other counts, citing "the overall strength of the government's case."
In 2005, John Rigas was sentenced to 15 years in prison, with his son sentenced to 20 years. Both have remained free on bail during their appeals.
- 5/25/2007
- The Hollywood Reporter - Movie News
Adelphia Communications founder John Rigas and his son Timothy were arraigned Wednesday in the Middle District Federal Court in Williamsport, Pa., on charges of evading $300 million in federal taxes, according to a court official. The trial has been scheduled for September 2006 in Williamsport, with Judge John Jones III set to preside. The two Rigases were indicted Oct. 6 on tax-evasion charges. Last year, they were convicted of using cable operator Adelphia as a personal piggy bank and hiding more than $2 billion in debt. They were sentenced to 15 years in prison last July, and they face five years and a $250,000 fine each if convicted on the tax-evasion charges. Both remain free on personal recognizance pending appeals.
- 10/27/2005
- The Hollywood Reporter - Movie News
Former Adelphia Communications executives John and Timothy Rigas, already appealing a conviction that could send them to prison for several years, were indicted Friday in what government officials called the largest personal income tax evasion scheme in U.S. history. According to officials with the Internal Revenue Service and other federal agencies, Adelphia founder John Rigas and his son diverted about $382 million of personal income over the past 16 years to various family owned entities in order to avoid paying $137 million in taxes. In addition, John and Timothy Rigas, the former Adelphia CEO and chief financial officer, respectively, caused John Rigas's other children, James, Michael and Ellen Rigas, to fail to report millions of dollars of taxable income. Federal authorities allege that, all together, $1.85 billion in funds were diverted from Adelphia for the personal use of certain Rigas family members, resulting in the failure to pay $300 million in taxes.
- 10/7/2005
- The Hollywood Reporter - Movie News
NEW YORK -- Some locals in Adelphia Communications' former hometown of Coudersport, Pa., are a little on edge these days. With the recent prison sentencing of Adelphia founder John Rigas and his son Timothy, the small, rural town nestled in the Allegheny Mountains got another round of unwanted attention. Plus, the town stands to lose yet more of the company that has employed a majority of the area during the past 50 years. Once Adelphia's sale to Time Warner Cable and Comcast Corp. closes by early next year, the folks in Coudersport might see less opportunity for work at home.
NEW YORK -- Despite his pleas to the federal judge who oversaw his four-month fraud and conspiracy trial nearly a year ago, aging Adelphia Communications founder and former chairman John Rigas was given a 15-year prison sentence Monday in a packed Manhattan courtroom, while his son and former chief financial officer, Timothy, was sentenced to 20 years in prison. Judge Leonard Sand was blunt in saying he thought John Rigas' sentence should have been heavier. "Were it not for your age and health, I would impose a sentence far greater than I do today," he told John Rigas. "This is a tragedy. There are no heroes here," said the judge, ordering both men to report to prison Sept. 19. He called the case one of the "largest frauds in corporate history," saying that as time went on the lying and cheating "got more brazen," and nothing was done to halt the deception of stockholders. The Rigases were convicted in July 2004 on 18 counts each of bank fraud, securities fraud and conspiracy that led to Adelphia's downfall and bankruptcy in 2002 with company debt of $2.3 billion. The two had faced up to 30 years in prison each on their bank fraud convictions alone.
- 6/21/2005
- The Hollywood Reporter - Movie News
NEW YORK -- Despite his pleas to the federal judge who oversaw his four-month fraud and conspiracy trial nearly a year ago, aging Adelphia Communications founder and former chairman John Rigas was given a 15-year prison sentence Monday in a packed Manhattan courtroom, while his son and former chief financial officer, Timothy, was sentenced to 20 years in prison. Judge Leonard Sand was blunt in saying he thought John Rigas' sentence should have been heavier. "Were it not for your age and health, I would impose a sentence far greater than I do today," he told John Rigas. "This is a tragedy. There are no heroes here," said the judge, ordering both men to report to prison Sept. 19. He called the case one of the "largest frauds in corporate history," saying that as time went on the lying and cheating "got more brazen," and nothing was done to halt the deception of stockholders. The Rigases were convicted in July 2004 on 18 counts each of bank fraud, securities fraud and conspiracy that led to Adelphia's downfall and bankruptcy in 2002 with company debt of $2.3 billion. The two had faced up to 30 years in prison each on their bank fraud convictions alone.
- 6/21/2005
- The Hollywood Reporter - Movie News
NEW YORK -- Despite his pleas to the federal judge who oversaw his four-month fraud and conspiracy trial nearly a year ago, aging Adelphia Communications founder and former chairman John Rigas was given a 15-year prison sentence Monday in a packed Manhattan courtroom, while his son and former chief financial officer Timothy was sentenced to 20 years in prison. Judge Leonard Sand was blunt in saying he thought John Rigas' sentence should have been heavier. "Were it not for your age and health, I would impose a sentence far greater than I do today," he told John Rigas. "This is a tragedy. There are no heroes here," said the judge, ordering both men to report to prison Sept. 19. He called the case one of the "largest frauds in corporate history," saying that as time went on the lying and cheating "got more brazen," and nothing was done to halt the deception of stockholders. The Rigases were convicted in July 2004 on 18 counts each of bank fraud, securities fraud and conspiracy that led to Adelphia's downfall and bankruptcy in 2002 with company debt of $2.3 billion. The two had faced up to 30 years in prison each on their bank fraud convictions alone.
- 6/20/2005
- The Hollywood Reporter - Movie News
NEW YORK -- Despite his pleas to the federal judge who oversaw his four-month fraud and conspiracy trial nearly a year ago, aging Adelphia Communications founder and former chairman John Rigas was given a 15-year prison sentence Monday in a packed Manhattan courtroom, while his son and former chief financial officer was sentenced to 20 years in prison. Judge Leonard Sand was blunt in saying he thought John Rigas' sentence should have been heavier. "Were it not for your age and health, I would impose a sentence far greater than I do today," he told John Rigas. "This is a tragedy. There are no heroes here," said the judge, ordering both men to report to prison Sept. 19. He called the case one of the "largest frauds in corporate history," saying that as time went on the lying and cheating "got more brazen," and nothing was done to halt the deception of stockholders. The Rigases were convicted in July 2004 on 18 counts each of bank fraud, securities fraud and conspiracy that led to Adelphia's downfall and bankruptcy in 2002 with company debt of $2.3 billion. The two had faced up to 30 years in prison each on their bank fraud convictions alone.
- 6/20/2005
- The Hollywood Reporter - Movie News
Adelphia Communications founder and chairman John Rigas, as well as his son Timothy Rigas, the company's former chief financial officer, are scheduled to have their sentencing in their conspiracy and fraud case in a Manhattan federal court Monday afternoon. ... MovieTickets.com's exhibitor screen count has passed the 10,000 mark after the recent addition of 20 new theater chains that will use its online ticketing, the company said Thursday. ... Activision Inc. said Thursday that it has named Michael Griffith president and CEO of its publishing unit, while Ron Doornink has been promoted to be unit chairman. ... Japanese conglomerate Sumitomo Corp. said Thursday that its United Cinemas Co. unit will buy the Japanese arm of U.S. cinema operator AMC Entertainment in a deal worth about ¥5 billion ($45.8 million).
- 6/16/2005
- The Hollywood Reporter - Movie News
NEW YORK -- Bankrupt cable operator Adelphia Communications is demanding more than $3.2 billion from the founding Rigas family, according to a lawsuit that argues that the family owes the company for using its resources for private purposes. "The Rigases, not Adelphia, used Adelphia's credit and its bank accounts to purchase assets and to operate their private ventures," Adelphia said in court papers filed late last week. "In short, the Rigases have been unjustly enriched while Adelphia has suffered." The court papers claim that Adelphia founder John Rigas and his sons must be made responsible for paying back years of debt created by taking funds from the cable operator and using them for their own purposes.
- 8/24/2004
- The Hollywood Reporter - Movie News
NEW YORK -- A mistrial has been declared in the fraud case against former Adelphia executive Michael Rigas after the jury said it was deadlocked on 17 counts against him. Judge Leonard Sand dismissed jurors Friday after they said "they tried to no avail" to reach a consensus on 15 counts of securities fraud and two counts of bank fraud in their ninth day of deliberations. Rigas was acquitted of conspiracy and wire fraud charges Thursday, while his father, Adelphia founder John Rigas, and brother Timothy Rigas, former Adelphia chief financial officer, were convicted on 18 counts of conspiracy, securities fraud and bank fraud. Michael Mulcahey, former assistant treasurer at Adelphia, was acquitted of all charges against him Thursday.
- 7/11/2004
- The Hollywood Reporter - Movie News
NEW YORK -- In what prosecutors called a case of lies and greed, Adelphia Communications founder John Rigas and his son Timothy Rigas were found guilty Thursday of conspiracy, securities fraud and bank fraud in federal court in Manhattan as their 18-week trial came to an end. John Rigas and Timothy Rigas, formerly the company's chief financial officer, were convicted of all 15 counts of securities fraud, one count of conspiracy and two counts of bank fraud. The two could face 30 years in prison. The other Rigas son and former executive vp operations, Michael Rigas, was acquitted of conspiracy charges, but the jury has yet to reach a verdict on securities fraud and bank fraud charges against him. Michael Mulcahey, the company's former assistant treasurer and the only defendant to take the stand during the trial, was acquitted of all charges. A relieved Mulcahey hugged his lawyer and wife in the courtroom after the jury returned its verdict.
NEW YORK -- In what prosecutors called a case of lies and greed, Adelphia Communications founder John Rigas and his son Timothy Rigas were found guilty Thursday of conspiracy, securities fraud and bank fraud in federal court in Manhattan as their 18-week trial came to an end. John Rigas and Timothy Rigas, formerly the company's chief financial officer, were convicted of all 15 counts of securities fraud, one count of conspiracy and two counts of bank fraud. The two could face 30 years in prison. The other Rigas son and former executive vp operations, Michael Rigas, was acquitted of conspiracy charges, but the jury has yet to reach a verdict on securities fraud and bank fraud charges against him. Michael Mulcahey, the company's former assistant treasurer and the only defendant to take the stand during the trial, was acquitted of all charges. A relieved Mulcahey hugged his lawyer and wife in the courtroom after the jury returned its verdict.
NEW YORK -- Federal prosecutors laid out greed and betrayal of trust as key motives as they began closing arguments Wednesday in their case against Adelphia Communications founder John Rigas and other former company executives. Rigas and his family used bankrupt cable operator Adelphia as a "personal and private ATM," prosecutors said. Christopher Clark began the closing arguments by painting a picture of Rigas, his sons Michael and Timothy Rigas and former financial executive Michael Mul-cahey as highly corrupt executives who made misleading actions through crooked business deals that stripped shareholders of huge sums of money.
- 6/17/2004
- The Hollywood Reporter - Movie News
NEW YORK -- The defense attorney for John Rigas took the stand in federal court Thursday, portraying his client, the 79-year-old founder of bankrupt cable operator Adelphia Communications, as a risk-taker and man of integrity who put the needs of the community above his own. After prosecutors wrapped up their closing arguments Thursday morning in the trial of former Adelphia executives that has so far lasted 16 weeks, Fleming argued that the Department of Justice quickly judged his client in 2002 when Rigas and his sons were arrested. According to the attorney, the DOJ decided to "parade them in front of TV cameras." Describing his client as an old and ill man who in 1999 underwent triple-bypass surgery and had bladder cancer, Fleming asked the jurors to excuse the fact that Rigas chose not to take the witness stand. "We're all human beings, and we accept that John makes his own decisions," Fleming said. He also attacked some of the prosecution's 16 witnesses, calling one a "victimized investor" who might as well be named Caesars Palace based on his stock-trading practices. Others, he said, were only "pretty certain" of their accusations.
- 6/17/2004
- The Hollywood Reporter - Movie News
In the wake of the Tyco mistrial, the judge overseeing the fraud trial against Adelphia Communications founder John Rigas and two of his sons has urged prosecution and defense lawyers to simplify and expedite the case, sources confirmed Wednesday ... U.K. cable operator NTL Inc. is planning to shed as many as 1,500 jobs during the next 18 months ... Senator Entertainment said late Wednesday that it will file for insolvency protection today after eleventh-hour rescue talks failed to produce a final agreement to bail out the debt-ridden German producer-distributor.
NEW YORK -- Crooked negotiations, cover-ups and personal abuse of shareholders' money were just a few of the allegations as federal prosecutors opened the trial against Adelphia Communications founder John Rigas and other former company executives here Monday. The prosecution, led by attorney Richard Owens, told the jurors in a packed courtroom that the trial will be a long one given the Rigas family's "huge financial fraud" that encompassed billions of dollars. "This is a case about lies, greed and financial fraud that drove a big company into bankruptcy," said Owens, who referred to the charged former executives' behavior as "cooking the books" numerous times in his opening arguments.
NEW YORK -- Cable operator Adelphia Communications on Wednesday filed a plan of reorganization that management expects will allow the company to emerge from Chapter 11 bankruptcy by year's end with the help of the biggest bankruptcy financing in U.S. history. The filing in the Bankruptcy Court for the Southern District of New York comes as Adelphia founder John Rigas and his sons are set to appear in court Monday for opening statements in their fraud trial. The filing doesn't detail the level of claims recovery that content providers can expect from Adelphia, but a company spokesman said content partners are covered by a class of creditors that is ranked 13 out of 17 total classes. Such companies as Viacom Inc. and Time Warner's HBO are among key content firms who are part of a committee of unsecured creditors which has been working to get back some of the money owed by Adelphia.
- 2/26/2004
- The Hollywood Reporter - Movie News
The case against John Rigas, the founder of bankrupt cable firm Adelphia Communications, is set to kick off Monday in New York with jury selection ... No. 2 U.S. theater chain operator AMC Entertainment sold $300 million of 10-year subordinated notes in a private placement late last week ... Dropping the expensive free TV rights to Germany's Bundesliga soccer games enabled the Haim Saban-controlled broadcaster ProSiebenSat.1 to triple profits last year.
- 2/20/2004
- The Hollywood Reporter - Movie News
Bankrupt cabler Adelphia Communications Corp. has requested permission from the bankruptcy court to negotiate an $8 billion loan from Deutsche Bank AG to pay creditors and exit bankruptcy, according to a court filing late last week. A hearing on the request to proceed with the loan is set for Feb. 11. An Adelphia representative said the company also is in talks with creditors about its reorganization plan, which the company expects to have by the end of the first quarter. Adelphia sought Chapter 11 bankruptcy protection in June 2002 after former CEO John Rigas and two sons were found guilty of fleecing the company's money.
- 1/27/2004
- The Hollywood Reporter - Movie News
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