Word: adelphia
(lookup in dictionary)
(lookup stats)
Dates: during 2000-2009
Sort By: most recent first
(reverse)
...However, previous white-collar criminals have received far stiffer sentences that Sorkin's proposed 12-year term. Adelphia Communications' former finance chief Timothy Rigas is serving a 20-year term; former WorldCom chief executive Bernard Ebbers, who was 63 at the time of his sentencing, was given 25 years; and former Enron chief executive Jeffrey Skilling got 24 years. In April 2008, a federal judge in Colorado sentenced 72-year-old Norman Schmidt to 330 years for using money from his investment scheme to purchase properties near Aspen and eight NASCAR race cars, among other items. Similar to Madoff...
Enron joins WorldCom, Adelphia and Tyco among the big companies busted by President Bush's Corporate Fraud Task Force, which has won 1,063 convictions, including guilty verdicts against 36 chief financial officers and 167 corporate CEOs and presidents. "Behavior has clearly changed since the Enron crisis," says Roman Weil, a professor of accounting at the University of Chicago. Part of that is a result of the Sarbanes-Oxley bill, which holds bosses criminally responsible if their company's accounting is faulty. So CEOs are paying closer attention to financial statements--and passing that responsibility down the line. "The criminalization...
...former Tyco executives entered the courtroom Monday with one-time WorldCom Chairman Bernard Ebbers already having been sentenced to 25 years in prison for the $11 billion accounting fraud that toppled his company (which has emerged from bankruptcy as MCI) and Adelphia Communications founder John Rigas having been sentenced to 15 years in prison for looting and fraud at his company. His son and former finance chief, Timothy Rigas, got 20 years...
SENTENCED. JOHN RIGAS, 80, ailing founder of U.S. cable giant Adelphia Communications, and his son TIMOTHY RIGAS, 49, its former CFO; to 15 and 20 years in prison, respectively, for their 2004 convictions for bank fraud, securities fraud and conspiracy; in New York City. In looting Adelphia of $100 million and hiding its $2.3 billion debt from investors, the Rigases pushed the firm into bankruptcy, gutting the savings of many small shareholders in its former hometown of rural Coudersport...
...your story on the fall of WorldCom's former ceo Bernie Ebbers and other corporate fraudsters who may be facing long prison terms [March 28]. You reported that "Ebbers said he was too ignorant about accounting to detect the financial crimes of his underlings." John Rigas, ceo of Adelphia Communications, "claimed he was ceo in name only." And Richard Scrushy, CEO of HealthSouth Corp., "thought his financial officers, though aggressive, were operating within the confines of the law." It is stunning how men who claim to be so clueless came to run huge companies and earn salaries that would make...