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Sunday, October 09, 2005

Failed to pay $300 million in taxes

The founder of Adelphia Communications Corp. and his son, both already convicted of a massive fraud at the bankrupt cable-television company, have been indicted on charges they and other family members failed to pay $300 million in taxes.

Former Chief Executive Officer John J. Rigas failed to report income of $143 million and his son Timothy J. Rigas, the company's former chief financial officer, failed to report income of $239 million, according to a federal grand jury indictment unsealed in Williamsport, Pa., yesterday.

"They are not above the law," said Peter S. Alvarado, special agent in charge of the Internal Revenue Service criminal investigation division.


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I have such mixed emotions about this whole Adelphia thing but 300 million. Wow, how can such an error be ignored. I just don't understand and must be they didn't either. The bad part is they brought other people down with them and that's what irks me.



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