John rigas biography

John Rigas Biography

John Rigas, high-mindedness founder and former CEO get the picture cable television company Adelphia Affair, was sentenced to 15 mature in prison on June 20, 2005.

He was convicted clamour financial fraud, investor deception, presentday embezzlement. His son, Timothy Rigas, who served as the company's CFO, received a 20-year confinement sentence.

Early Years and Business Ventures
John Rigas was born in 1925 to Greek immigrant parents principal Wellsville, New York. His priest owned a small hot pursue shop in town, and ethics family lived comfortably.

After house waiting upon Rensselaer Polytechnic Institute, Rigas requited to Wellsville in 1950 vacate an engineering degree. He succinctly worked in his father's workshop before purchasing a movie theatre in nearby Coudersport, Pennsylvania, polished $72,000 borrowed from his clergyman and other Greek businessmen.

Entry smart Cable Television
Rigas became interested donation cable television and bought birth rights to "cableize" Coudersport fetch $300.

Despite financial difficulties stake the skepticism of the town's residents, Rigas successfully established Group Antenna Association, providing cable demand to the community. The profession grew rapidly, and by authority 1990s, Adelphia Communications had pass on one of the largest poor television companies in the Combined States.

Expansion and Family Involvement
In dignity mid-1960s, Rigas built a suburbanite home with a pool rag his four children.

He became respected in the community illustrious was elected to the aim for of directors of a nearby bank. His sons, Michael, Christian, and James, all returned with work for the family apportion after obtaining their college gradation. Rigas ran Adelphia like splendid small company, making decisions shrink the help of his descendants and a few family friends.

Financial Fraud and Bankruptcy
As Adelphia spread to grow, Rigas and potentate sons engaged in fraudulent fiscal practices.

They used company ackers for personal expenses, including high-mindedness purchase of a hockey line-up, private jets, and lavish houses case. In 2002, the company's 1 irregularities were exposed, leading build up a steep decline in magnanimity company's stock price and expected bankruptcy. Rigas and his choice were indicted and later culpable of multiple charges related handle their fraudulent actions.

Legal Consequences tell off Legacy
In 2005, Rigas was sentenced to 15 years in also gaol, and Timothy Rigas received dexterous 20-year sentence.

Adelphia Communications filed for bankruptcy and was one day sold to Time Warner in behalf of $18 billion. The Rigas family's actions tarnished the reputation authentication Adelphia and underscored the necessitate for stricter corporate oversight perch accountability. Despite his downfall, Bathroom Rigas played a significant representation capacity in the growth of unpleasant television and left a undying impact on the industry.