Adelphia Founder Arrested

By  | 

John Rigas is under arrest and facing charges of looting the now-bankrupt cable company he founded.
Rigas was arrested today along with two of his sons, both of
whom also are former executives for Adelphia Communications.
Two other former company executives were arrested as well.
Adelphia provides cable service in most of El Paso County,
Papers filed in Manhattan charge the Rigases with looting Adelphia and using it as their ``personal piggy bank.''
The Securities and Exchange Commission calls the case one of the
most extensive financial frauds ever to take place at a public
The nation's sixth-largest cable company, Adelphia filed for
bankruptcy protection last month.