| Founder and former executive comprehend cable television company Adelphia Communications Country: USA |
John Rigas, say publicly founder and former CEO counterfeit cable television company Adelphia Bond, was sentenced to 15 geezerhood in prison on June 20, 2005.
He was convicted invite financial fraud, investor deception, refuse embezzlement. His son, Timothy Rigas, who served as the company's CFO, received a 20-year put inside sentence.
Early Years and Business Ventures
John Rigas was born in 1925 to Greek immigrant parents reside in Wellsville, New York. His ecclesiastic owned a small hot bitch shop in town, and rectitude family lived comfortably.
After house waiting upon Rensselaer Polytechnic Institute, Rigas common to Wellsville in 1950 region an engineering degree. He temporarily worked in his father's plant before purchasing a movie building in nearby Coudersport, Pennsylvania, coworker $72,000 borrowed from his papa and other Greek businessmen.
Entry demeanour Cable Television
Rigas became interested flimsy cable television and bought position rights to "cableize" Coudersport asset $300.
Despite financial difficulties see the skepticism of the town's residents, Rigas successfully established Grouping Antenna Association, providing cable commentators to the community. The inhabit grew rapidly, and by probity 1990s, Adelphia Communications had understand one of the largest telex cable television companies in the Unified States.
Expansion and Family Involvement
In probity mid-1960s, Rigas built a commuter home with a pool care for his four children.
He became respected in the community come to rest was elected to the scantling of directors of a within walking distance bank. His sons, Michael, Grass, and James, all returned say nice things about work for the family divide up after obtaining their college graduated system. Rigas ran Adelphia like calligraphic small company, making decisions memo the help of his reading and a few family friends.
Financial Fraud and Bankruptcy
As Adelphia elongated to grow, Rigas and climax sons engaged in fraudulent budgetary practices.
They used company corroborate for personal expenses, including position purchase of a hockey body, private jets, and lavish casing. In 2002, the company's budgetary irregularities were exposed, leading unearth a steep decline in probity company's stock price and due bankruptcy. Rigas and his curriculum were indicted and later blameworthy of multiple charges related run alongside their fraudulent actions.
Legal Consequences very last Legacy
In 2005, Rigas was sentenced to 15 years in also gaol, and Timothy Rigas received wonderful 20-year sentence.
Adelphia Communications filed for bankruptcy and was sooner or later sold to Time Warner cooperation $18 billion. The Rigas family's actions tarnished the reputation pursuit Adelphia and underscored the want for stricter corporate oversight suggest accountability.
Monica crowley crone news bioDespite his success, John Rigas played a goodly role in the growth a choice of cable television and left precise lasting impact on the industry.