John J Rigas

Rigas, the founder of Adelphia Communications, died Thursday September 30 2021 in Coudersport, Pennsylvania, at 96. In May 2002, John Rigas, the founder of cable provider Adelphia Communications Corp., was indicted for bank fraud, wire fraud and securities fraud after the company collapsed. His two sons, Timothy Rigas and Michael Rigas, along with son-in-law Peter Venetis all company executives, and two other executives were also indicted in connection with the apparent fraud at Adelphia. Rigas, his sons and the other executives were accused of concealing some $2.3 billion in corporate liabilities, stealing some $100 million from the company and making false statements to investors. He and his son, Timothy, the former CFO of Adelphia, were convicted in July 2005. John Rigas was sentenced to 15 years in prison and Timothy was sentenced to 20 years. Both of these June 2006 sentences are currently under appeal. As a result of the criminal conviction, John Rigas was stripped of his control as majority owner of the Sabres NHL hockey franchise which filed for bankruptcy and subsequently purchased by another investor.