BP Editors
Often white collar criminals will hide behind the guise of “rags-to-riches” and, less frequently, “WWII veteran.” John Rigas was one of these. The son of greek immigrants, and a certified war hero (see how quickly they spin it?) Rigas created Adelphia Communications in 1952. In the coming decades, it became the fifth largest cable company in the US. But it was a cable car built on a house of cards. Rigas and his sons had hidden $2.3 billion in debt and false earnings, and secretly used millions in corporate funds for personal fun. Rigas was convicted of fraud and sentenced to 15 years in 2003. He refused to plead guilty for a lesser sentence, along with his son Timothy. Another son, Michael did plead guilty, and was sentenced to 10 months of house arrest and two years probation. Today all that is left of Adelphia Communications is a skeleton staff which exists solely to deal with all the lawsuits it faces.
