Adelphia Founder Indicted on Tax Evasion Charges
John Rigas, founder of Adelphia Communications, and his son Timothy, were indicted on tax evasion charges. According to this article, they diverted $1.85 billion for their personal use from Adelphia. The pair has already been found guilty of fraud and face prison terms of 15 and 20 years, respectively. Both are appealing their convictions.
In another development, two of the auditors of Adelphia were charged by the SEC with professional misconduct. The two engaged in "reckless and unreasonable" conduct when they approved false Adelphia financial reports, according to this story.
In another development, two of the auditors of Adelphia were charged by the SEC with professional misconduct. The two engaged in "reckless and unreasonable" conduct when they approved false Adelphia financial reports, according to this story.
Posted by Russ on
Friday October 7, 2005 at 5:06pm