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Latest Business News

Adelphia Execs Heading to Prison

Wednesday, June 27, 2007 10:36:40 PM
By DAVID B. CARUSO

Timothy Rigas, former chief financial officer of Adelphia Communications exits Manhattan federal court with his wife following his bail hearing, Wednesday, June 27, 2007, in New York. Timothy and his father John Rigas founder and former CEO of the now bankrupt company were ordered to report to prison on Aug. 13th, nearly three years after they were convicted in one of the largest corporate frauds in U.S. history.    (AP Photo / Louis Lanzano)NEW YORK (AP) - Their appeals all but exhausted, Adelphia Communications founder John Rigas and his son, Timothy, will head to prison on Aug. 13 for their role in one of the largest corporate frauds in U.S. history.

U.S. District Judge Leonard Sand gave the men, once among the country's richest, a little less than seven weeks to put their affairs in order. He rescinded an order that had allowed them to remain free on bail for three years while their appeal worked its way through the courts.

"Too much time has elapsed," he said at a hearing Wednesday.


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