Conspiracy, Bank Fraud and Securities Fraud

The Associated Press

Updated: 6:07 p.m. ET July 08, 2004 reporting and coverage at MSNBC

Another Pair of white collar thugs were found guilty of the above charges and “for looting the cable company and duping its investors”.

It seems as if Adelphia Communications Corp. founder John Rigas and his son Timothy were convicted of all 15 securities fraud charges against them and other counts. Each faces 30 years in prison on the most serious charge, bank fraud.

While most of the alleged fraud took its form in hidden debt, the trial was also notable for examples of the eye-popping personal luxury that has marked other white-collar trials. John Rigas had ordered two Christmas trees flown to New York, at a cost of $6,000, for his daughter. Rigas also ordered up 17 company cars and the company purchase of 3,600 acres of timberland at a cost of $26 million to preserve the pristine view outside his Coudersport home.

In his closing argument on behalf of Timothy Rigas, lawyer Paul Grand tried to distance the Adelphia four from Enron Corp. officials, whom he called “real corporate villains”. Yeah right! Your clients were real model citizens right?

Next post we’ll look at more white collar criminals who get away lightly for stealing millions, and in some case billions of dollars, from honest working people. May they get a cell with some radical inmate, a lifer who decides he either “likes” or “dislikes” the way they look. Bet the view isn’t quite as pristine. They’ll have to do their time and see what a convict’s view looks like, as John Rigas contemplates his sore spots…..all of ‘em.