John Rigas, the founder of Adelphia Communications Corp., and his son Timothy, the former chief financial officer, have been found guilty of looting the cable company and deceiving investors, according to reports.
They were convicted on 18 counts of securities fraud, bank fraud, and conspiracy, according to Reuters, and acquitted on 5 counts of wire fraud. Former vice president Michael Rigas, another son of the Adelphia founder, was acquitted of conspiracy and wire fraud charges; the jury was undecided on most of the remaining counts against him, according to the Associated Press.
Former Adelphia director of internal reporting Michael Mulcahey — the only company executive to testify at trial, according to Reuters — was found not guilty of conspiracy and securities fraud.
John Rigas, 79, and Timothy Rigas, 47, each faces 30 years in prison on the bank fraud charge alone, reported the AP.
The verdicts came on the eighth day of deliberations after an 18-week trial. Judge Leonard Sand sent jurors home for the day, instructed them not to listen to media coverage of the case, and said he would instruct them Friday on how to proceed regarding the undecided counts against Michael Rigas.
“Ladies and gentlemen, you’ve been working very hard, and your task is not over,” said Judge Sand, according to the AP.