PAGE ONE Adelphia Founder And One Son Are Found Guilty Jury Remains Deadlocked On Second Son‚ Acquits Former Assistant Treasurer By PETER GRANT and CHRISTINE NUZUM Staff Reporters of THE WALL STREET JOURNAL July 9‚ 2004; Page A1 Notching another victory against the corporate excesses of the 1990s‚ prosecutors won criminal convictions against the father-and-son team of John and Timothy Rigas‚ former top executives at cable company Adelphia Communications Corp. However‚ they failed
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The Corporate Culture Robert Alford Grantham University BA560 Business Ethics Dr. Janice Spangenburg March 19‚ 2013 The Corporate CultureLegal Case: Adelphia Case: Feds drop fraud case against Adelphia founder‚ son A six-year legal battle involving the jailed father-son duo who headed now-defunct Adelphia Communications has ended after prosecutors withdrew tax fraud charges related to their earlier conviction in a $1.9 billion fraud case. Prosecutors said they withdrew the tax-related
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fast-moving organization. 2. Research on one financial scandal - The Adelphia Communications Corporation was marked as the fifth largest cable company in the United States before it filed for bankruptcy in April of 2002. Founded by John Rigas‚ Three Rigas family members (incuding John Rigas) and two other ex-executives have been arrested for fraud. The Rigas family collected $3.1 billion in off-balance-sheet loans backed by Adelphia and overstated the results by inflating capital expenses and hiding
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Adelphia Communications Accounting Scandal Description In spring of 2002 Adelphia Communications reported $2.3 billion in off- balance sheet liabilities. The owner John Rigas and his two sons Timothy and Michael are said to have deliberately hid the problems. The family was borrowing/ stealing the money to buy themselves extravagant things such a 6‚000 Christmas trees‚ expensive company cars and luxury homes. The family was also in the process of building their own golf course. This caused
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Briefly describe the Adelphia Communications scandal. Adelphia is a Delaware corporation headquartered in Coudersport‚ Pennsylvania. Adelphia owns‚ operates‚ and manages cable television systems and other related telecommunications businesses. Adelphia issues Class A shares of common stock‚ which are registered with the Commission pursuant to of the Exchange Act‚ and Class B shares of common stock‚ which have ten times the voting power of Class A shares and which have been held almost exclusively
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THE NATION’S NEWSPAPER BS2003-01b Collegiate Case Study Adelphia founder‚ 2 sons‚ 2 others arrested in fraud By David Lieberman and Greg Farrell www.usatodaycollege.com Accounting fraud Part II: The results “Creative accounting” is not a new technique‚ but it can certainly be a costly one. Businesses feel the pressure to appear profitable in order to attract investors and resources‚ but deceptive or fraudulent accounting practices often lead to drastic consequences. Are these so-called
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Carnley Module 1 Case Assignment ETH 501: Business Ethics Dr. Susan Gunn 24 January 2015 Introduction Adelphia Communications‚ one of the largest cable companies is the nation at its height‚ is now out of business as of 2006 due to several unethical decisions by the Rigas family. Any organization‚ if operated under unethical decision making to this extent‚ would be destined for failure and Adelphia Communications is no exception. The two main unethical actions underlined are untruthfulness and stealing
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2010). In 2002‚ Adelphia Communications Company had to file bankruptcy because of internal corruption. Before the bankruptcy‚ the company was “the fifth largest cable company in the United States…” (Ashe and Nealy‚ 2010). Even though the CEO of Adelphia Communications Corporation signed off on the financial statements‚ he was the one to commit fraud that caused the downfall of his own corporation. According to NBC News‚ on June 20‚ 2005‚ John Rigas‚ the founder of Adelphia Communications Corporation
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examples of companies who have used inappropriate accounting practices. Enron‚ WorldCom‚ Tyco‚ HealthSouth and Adelphia were selected for analysis because of the availability of information regarding specific events occured before‚ during and after the fraud period as well as the ethical issues involved . There is abundant literature presented on the Enron and WorldCom scandal. Tyco‚ Adelphia‚ and HealthSouth were selected to expand and support the information available in the WorldCom and Enron cases
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ers-in-china-u-k-business-alliance-violating-auditor-independence/ [Accessed 05 February 2013] Kim‚ K. et al (2009) Corporate Governance‚ Third Edition‚ Prentice Hall‚ USA SEC (2013) ‘SEC Charges Deloitte & Touche for Adelphia Audit. 2013. SEC Charges Deloitte & Touche for Adelphia Audit’ [Online] Available at: http://www.sec.gov/news/press/2005-65.htm [Accessed 05 February 2013 Sherer‚ M. & Turley‚ S. (2007) Current Issues in Auditing‚ Third Edition‚ SAGE Publications‚ London Van Peursem‚ K. et
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