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Rigas, Two Sons, Former Execs Indicted on Fraud Charges

By Eileen Buckley

New York City, NY – Adelphia Communications founder John Rigas and two of his sons where indicted Monday in Manhattan Federal Court.

A 24-count indictment was handed up against the former Adelphia leaders. Rigas and his sons, Timothy and Michael, as well as two other former executives were indicted on charges of conspiracy, securities fraud and wire fraud.

A criminal complaint filed in July charged them with accounting fraud for allegedly hiding more than $2 billion in liabilities from investors.

The indictment includes an additional 16 securities fraud charges not in the original complaint. The indictment also accuses them of making false statements to the Securities and Exchange Commission and phoney bookkeeping.

The Rigases deny any wrongdoing and remain free on $10 million bail each.