Adelphia Founder Guilty of Fraud

09 July 2004

John J Rigas (79), founder and former chairman of America's fifth largest cable company, Adelphia Communications, was on Thursday found guilty of conspiracy and securities fraud.

A similar verdict in the eighteen-week federal trial held in New York was handed down to Rigas's son Timothy. His sibling Michael was judged not guilty of conspiracy, although the jury was 'undecided' as to his guilt on the count of securities fraud.

A fourth defendant, Adelphia's ex-director of internal reporting Michael Mulcahey, was found not guilty on all counts.

It is not yet known if the guilty pair will appeal or when sentencing will take place. Meantime, Adelphia remains under Chapter 11 bankruptcy protection whilst a buyer is sought.

Data sourced from: Financial Times; additional content by WARC staff