John Rigas Indicted

Title

John Rigas Indicted

Description

On July 24, 2002, 77 year old John Rigas, the founder and CEO of Adelphia Communications Corporation, was indicted on charges of securities, wire, and bank fraud. Two of his sons, Timothy and Michael were also charged, along with two company executives. Timothy had been Adelphia’s financial officer. Michael served as chief operating officer.

John Rigas, the son of Greek immigrants, had started Adelphia in 1952 with a $300 dollar investment. He grew the company to the nation’s fifth largest cable company.

Following the indictments, John Rigas talked exclusively with WIVB-TV Senior Correspondent Rich Newberg, refuting federal charges of conspiring to defraud investors, looting corporate accounts, and failing to disclose $2.3 billion dollars in company debts.

Date

2003-01

Source

Rich Newberg Reports Collection

Publisher

WIVB (Television Station: Buffalo, N.Y.)
Buffalo & Erie County Public Library (publisher of digital)

Rights

Copyright held by WIVB-TV. Access to this digital version provided by the Buffalo & Erie County Public Library. Videos or images in this collection are not to be used for any commercial purposes without the expressed written permission of WIVB-TV and the Buffalo & Erie County Public Library. Users of this website are free to utilize material from this collection for non-commercial and educational purposes.