| John Rigas, Four Others Arrested |
Mike Farrell Multichannel News 7/24/2002 10:56:00 AM |
| Five executives of Adelphia
Communications Corp. -- including former chairman and founder John Rigas
and two of his sons, former chief financial officer Tim Rigas and former
executive vice president of operations Michael Rigas -- were arrested
Wednesday by U.S. postal inspectors on charges of securities bank and wire
fraud, according to published reports.
The Rigases were indicted along with two other Adelphia executives -- former VP of finance James Brown and director of international reporting Michael Mulcahey. The Rigases were arrested in New York and Brown and Mulcahey were arrested in Pennsylvania. If convicted on all counts, the men face sentences of up to 95 years each and millions of dollars in fines. The U.S. Department of Justice was scheduled to have a press conference in Washington, D.C., at 11 a.m. Wednesday. According to Cable News Network, the Rigases were scheduled to be arraigned later Wednesday in Manhattan. Adelphia filed for bankruptcy protection June 25, after it was revealed that the MSO was on the hook for $3.1 billion in off-balance-sheet loans to Rigas-family partnerships. |
