John Rigas and Two of His Sons Indicted on Federal Fraud Charges
Dave Aiello wrote, "Reuters is reporting that John Rigas, two of his sons, and two business associates were arrested after being indicted by the U.S. Department of Justice on securities fraud charges in connection with the bankruptcy of Adelphia Communications. Separately, The Security and Exchange Commission also filed a civil suit against the company, the five former Adelphia executives, and a fourth member of the Rigas family."
"John Rigas, a pioneer in the cable industry and a dedicated supporter of the communities in which he lives, violated a cardinal rule of business by running the company he founded like a fiefdom. None of the good that Rigas has done in his life justifies the way he has conducted himself. He may not be guilty of everything that the Government alleges, but he has obviously lived beyond his means for a long time, and this has resulted in the destruction of other people's assets."