John Rigas

1642 words 7 pages
There are many different types of fraud one can commit. Banking, security, and wire fraud are just a few different types. Any type of fraud a person commits is very serious and is usually punished to the full extent of the law. In a large company or corporation, fraudulent acts are usually premeditated and happen over long periods of time. It can start with anyone stealing a few dollars taken here and there and then it can evolve into intricate plans which can defraud the companies millions, even billions of dollars. This is something that happened with the Adelphia Communications Corp. in the early 2000's. John Rigas, founder and former CEO of Adelphia, and his two sons, Timothy and Michael Rigas, along with the former assistant …show more content…
When Adelphia crashed and burned, the NHL, somewhat, knew how to deal with the situation because the Buffalo Sabres were the third team to have their owner arrested on fraud related charges (Hockey) within a ten year period. The Sabres struggled to keep their ticket sales up during this season and it ended up dropping from the previous season. Adelphia filed bankruptcy, which also affected the Sabres. Marc Ganis stated, "Adelphia controls the Sabres and Adelphia is in bankruptcy. The team is now Adelphia's asset. And Adelphia's bankruptcy trustee could foreclose on the collateral of the debt, and that collateral is the team" (Hockey). Gary Bettman, NHL commissioner, said that it was just "business as usual" and it seemed like he felt very unaffected by the whole situation. Bettman would not talk to anyone about buying the team if they wanted to move the Sabres out of Buffalo (Hockey). Finding an owner did take longer than they had expected, but they found an owner and the Sabres are still in Buffalo and are being supported by the new owner and all their fans. The local economy was greatly affected by the fall of Adelphia; many people lost their jobs, stockholders lost more money than they could have foreseen, and the 5000 Adelphia customers (Communications) lost their cable company. The company's problems just kept on growing until they were no longer. "The Nasdaq requires that all listed firms file audited financial statements within 4

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