Timothy J. Rigas

Timothy J. Rigas ("T. Rigas"), a 46 year-old resident of Coudersport, Pennsylvania and a son of J. Rigas. T. Rigas served as a director of Adelphia, as well as Adelphia's CFO, CAO, and Treasurer until May 16, 2002 when he resigned pursuant to a request by the Special Committee. Between December 1992 and June 2001, T. Rigas was chairman of the Audit Committee of Adelphia's Board of Directors. The Securities and Exchange Commission today filed suit in the United States District Court for the Southern District of New York charging major cable television provider Adelphia Communications Corporation; its founder John J. Rigas; his three sons, Timothy J. Rigas, Michael J. Rigas, and James P. Rigas; and two senior executives at Adelphia, James R. Brown and Michael C. Mulcahey, in one of the most extensive financial frauds ever to take place at a public company. In its complaint, the Commission charges that Adelphia, at the direction of the individual defendants: (1) fraudulently excluded billions of dollars in liabilities from its consolidated financial statements by hiding them in off-balance sheet affiliates; (2) falsified operations statistics and inflated Adelphia's earnings to meet Wall Street's expectations; and (3) concealed rampant self-dealing by the Rigas Family, including the undisclosed use of corporate funds for Rigas Family stock purchases and the acquisition of luxury condominiums in New York and elsewhere. (Source: Securities and Exchange Commission, Washington, D.C., Litigation Release No. 17627 / July 24, 2002, Accounting and Auditing Enforcement Release No. 1599 / July 24, 2002)
Timothy J. Rigas
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Adelphia's former CFO, Timothy J. Rigas ("T. Rigas") was convicted in the summer of 2004 of the same charges as his father (John J. Rigas, founder and CEO of Adelphia) and is serving a 17 year-sentence. 

John Rigas was forced to resign from his position as CEO of Adelphia in May 2002 after being indicted for bank fraud, wire fraud, and securities fraud. Timothy J. Rigas and Michael J. Rigas, his sons, as well as James Brown and Michael Mulcahey, were also charged with participation in these crimes. The executives are accused of looting the corporation by concealing $2.3 billion in liabilities from corporate investors and of using corporation funds as their personal funds. Adelphia Corporation was forced to file for bankruptcy after it acknowledged that the three Rigases had taken $3.1 billion in loans that were not recorded on the books.


On May 24, 2007 the Second Circuit Court of Appeals upheld the 2004 convictions of John and Timothy Rigas on 17 of the original 18 counts.

On June 27, 2007, John Rigas and his son, Timothy J. Rigas, were ordered to report to prison on August 13 for their fraud convictions.

On August 13, 2007, John and Timothy Rigas reported to the Federal Correctional Complex, Butner, located about 45 minutes northwest of Raleigh, North Carolina, unsuccessful in their request to be allowed to serve their time together at a facility close to their homes in Coudersport, Pa.

On November 1, 2007, after a 20-day bidding war involving 31 bidders, the palatial $30 million former Adelphia Headquarters building in Coudersport, PA was sold to an undisclosed buyer at auction for just $3.4 million.

On March 3, 2008, The Supreme Court rejected the final appeal without comment. The case was Rigas v. U.S., 07-494.

In 2005, Timothy Rigas and his father were charged with tax evasion and pleaded not guilty in October 2005. He was indicted on conspiracy and tax evasion charges in 2008.

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