Supreme Court Refuses Appeal in Adelphia Case
The U.S. Supreme Court has refused to hear the accounting fraud appeal of Adelphia Communications founder John Rigas and his son, Timothy, the company’s former chief financial officer.
The men had contended the government failed to prove they violated the generally accepted accounting principles in prosecuting and convicting them for securities and bank fraud, the Wall Street Journal reports (sub. req.). John Rigas was sentenced to serve 15 years in prison and Timothy to 20 years.
The Rigases said they followed the GAAP and also argued that accounting terms were not properly explained to the jury, the Associated Press reports. The government had contended the Rigases used corporate funds to pay for personal expenses ranging from 100 pairs of bedroom slippers to the $26 million purchase of timberland near John Rigas’ home.
