John Rigas, 2002 News

founder of Adelphia Communications Corp., was indicted in September on charges of bank, wire, and securities fraud. His sons, Timothy and Michael, and two other executives were also charged. Prosecutors allege the executives hid $2.3 billion in liabilities from Adelphia investors and that the Rigases used company funds as their “personal piggy bank.” The company filed for bankruptcy protection in June, after it had acknowledged that the Rigases had been given $3.1 billion in off-the-balance-sheet loans. John Rigas stepped down as CEO of the company in May.

2002 People in the News