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Article: Adelphia Communications Founder, Executives Are Arrested.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- July 25, 2002
CopyrightCOPYRIGHT 2002 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Peter J. Howe, The Boston Globe Knight Ridder/Tribune Business News
Jul. 25--Federal prosecutors and securities investigators yesterday accused the founder of bankrupt Adelphia Communications and his three sons of looting hundreds of millions of dollars from the cable television company in a corporate collapse that cost investors $60 billion.
Shortly after dawn, armed Postal Service inspectors arrested Adelphia founder and former chairman John J. Rigas, 78, and his sons Michael, 48, and Timothy, 46, at their Manhattan apartment to face a raft of charges brought by the New York US attorney's office and the Securities and Exchange Commission. A ...