FudBuster: Court Throws the Book at Adelphia Book-Cookers

The company's former CEO and CFO are both up for long stays in the big house, and other stiff high-tech sentences are likely to be handed down in the coming

July 1, 2005

1 Min Read
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FUDBust: Dirty high-tech execs who haven't been scared straight by the Enron firings, lawsuits and convictions should watch closely as former Adelphia CEO John Rigas and his son, CFO Timothy Rigas, depart in handcuffs for an extended stay in the hoosegow. The senior Rigas, who was convicted of siphoning about $100 million from the now-defunct ISP, got 15 years from a U.S. District judge, but at age 80, he's unlikely to see the light of day again. The younger Rigas, 48, got 20 years for helping his dad, which means he'll be past mandatory retirement age when he rejoins society.

Former WorldCom CEO Bernie Ebbers, who is facing up to 85 years in his upcoming sentencing for the company's $11 billion accounting fraud, and former Tyco International CEO Dennis Kozlowski, who last month was convicted of looting $600 million from his company, likely will face painful sentences as well. Message to corporate cheats: Crime may pay, but you could end up spending the loot on gifts for your new cell mate, Tiny.

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