John Rigas Guilty of Conspiracy (Adelphia)

[Qutzupalotl]

Adelphia founder, son, found guilty on some charges that they looted cable company.
July 8, 2004: 4:31 PM EDT

NEW YORK (CNN/Money) - Adelphia Communications Corp. founder John Rigas was found guilty of conspiracy, securities fraud and bank fraud Thursday -- the most serious charges he and other executives faced over raiding the cable company of hundreds of millions of dollars for their personal use.

The jury, which began deliberations June 28 after an 18-week trial, also found Rigas not guilty of five counts of wire fraud. But he was found guilty of the other 18 counts he faced.

His son Timothy was found guilty of conspiracy and 15 counts of securities fraud and two counts of bank fraud. Like his father, he was found not guilty of wire fraud.

(snip)

Rigas and his son Timothy face up to 15 to 20 years in prison on the various counts on which they were convicted.

http://money.cnn.com/2004/07/08/news/midcaps/adelphia_verdict/index.htm?cnn=yes

:bounce:
It's a twofer!

[foreverburn]

1. They were definitely guilty.

I'm proud to say I am the brother of a member of the defense team... and I don't mean that to imply I'm proud of the defendents, just the prestigious-ness of the case. From what I've heard justice was definitely served, and the defense tried to argue the money was used in good faith. But the evidence was overwhelming. Can't imagine how much the jury had to soak in to grasp everything.

Still it's unfortunate that John Rigas will probably live the last years of his life in prison. Having heard close details of the case for the last few months, I sympathize with the guy. In the case of Ken Lay who I don't know at all I take pleasure in knowing he's likely going to be taken down. Shadenfrude? or whatever the German folk call it.