Adelphia

About Adelphia

Adelphia Communications filed for bankruptcy on June 25, 2002. The company was the fifth largest cable TV operator in the US. Founder John Rigas and his son Timothy were charged with securities fraud, bank fraud, and conspiracy. The Rigas family had used company funds as a personal piggy bank, borrowing approximately 3 billion. They built a golf course, purchased luxury condos, and funded a private hockey arena. John Rigas was sentenced to 15 years. Timothy Rigas was sentenced to 17 years. John Rigas served 10 years before being released for compassionate reasons at age 90. The Adelphia case was part of the wave of corporate fraud scandals in the early 2000s alongside Enron, WorldCom, and Tyco.