New York – Michael Rigas, a son of the founder of Adelphia Communications Corp., pleaded guilty today to a charge of making a false entry in a financial record, eliminating the need for his retrial on securities fraud and bank fraud charges in a scandal that forced the cable giant into bankruptcy.
Rigas is the son of Adelphia founder John Rigas and was the company’s former executive vice president for operations.
Earlier this year, John Rigas and another son, Timothy, were sentenced after they were convicted of looting the company to line their pockets and hiding more than $2 billion in company debt.
John Rigas, 80, was sentenced to 15 years in prison and Timothy Rigas was sentenced to 20 years. They are free pending appeal after their lawyers questioned whether the government should have been required to call an expert witness to testify to the jury about accounting principles.
Former Adelphia assistant treasurer Michael Mulcahey was tried with the Rigases but was acquitted of all charges.
Adelphia, founded in Coudersport, Pa. now operates under bankruptcy protection in Greenwood Village, Colorado. The nation’s fifth-largest cable company, Adelphia has more than 5 million customers in 31 states and Puerto Rico.
