Boston, MA - On Monday, John Rigas, founder of Adelphia Communications Corp., was sentenced to 15 years in federal prison...
Judge Leonard Sand had stated that Mr. Rigas would have faced a longer term had it not been for the fact that Mr. Rigas is 80 years old, suffers from heart problems, and has bladder cancer.
Timothy Rigas, the 49 year old son, who was convicted last year of bank fraud, securities fraud and conspiracy, was sentenced to 20 years in prison for his role.
John Rigas addressed the judge on his own behalf, seeking leniency. "To my stockholders, I apologize for these horrible things that have happened to all of us," the white-haired Rigas said, in a quiet voice. "If I did anything wrong, I apologize. I did the best I could to correct it."
Adelphia filed for bankruptcy protection in June 2002, yet is the 5th largest cable company in the nation with over 5 million customers in 31 states as well as Puerto Rico. Earlier this year, Adelphia accepted a buyout offer from both Time Warner Inc. and Comcast Corp.
Both father and son are set to report to prison on September 19th, however, their lawyers plan to file motions for their clients to stay out of prison pending appeal.
Former Adelphia vice president Michael Rigas was acquitted last year conspiracy and wire fraud, although he faces a retrial in October on the securities and bank fraud charges filed against him.
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