A former executive of cable firm Adelphia Communications charged with helping to loot the company for hundreds of millions of dollars on Thursday pleaded guilty.
James R Brown, former vice-president for finance, will testify against members of Adelphia’s controlling Rigas clan, undermining their continued denial of any wrongdoing.
In September the firm’s founder John J Rigas, his sons Timothy J Rigas and Michael J Rigas, plus Brown and fellow Adelphia executive Michael C Mulcahey, were each indicted on 24 counts of conspiracy, securities fraud, bank fraud and wire fraud [WAMN: 24-Sep-02].
Brown is the first to change his plea from not guilty. His testimony is expected to be particularly harmful to Timothy Rigas, to whom he reported directly.
Data sourced from: The Wall Street Journal Online; additional content by WARC staff