A federal appeals court in New York yesterday upheld the convictions of former Adelphia Communications executives John and Timothy Rigas on charges of securities fraud, conspiracy to commit bank fraud and bank fraud.
The appeals court did reverse their convictions on one minor count, but the main ones stand. Adelphia founder John Rigas has been free on bail while appealing his 15 year sentence and son Timothy, who was the company's CFO, has likewise been out on bail while the appeal was pending on his 20 year sentence.
There was no immediate word on when the two may have to report to prison. The Rigases were convicted of looting Adelphia to the tune of two billion bucks. Adelphia itself went though Chapter 11 bankruptcy reorganization and its cable systems were sold to Time Warner Cable and Comcast.