NEW YORK (AP) – A federal judge has postponed the sentencings of Adelphia Communications Corp. founder John Rigas and his son Timothy for fraud convictions until June 1, at the request of lawyers in the case.
The pair was convicted in July 2004 of defrauding investors by hiding Adelphia’s huge debts while they used company money to live lavishly. The cable company entered bankruptcy in 2002.
Timothy Rigas was chief financial officer for Adelphia. Another Rigas son, Michael, the company’s former secretary, is to be retried later this year on fraud charges after a jury deadlocked on the charges against him last summer.
John and Timothy Rigas were convicted of securities fraud, bank fraud and conspiracy. The bank fraud counts alone carry up to 30 years in prison for each man.
The sentencings had been scheduled for next Monday. They were postponed by Judge Leonard Sand, who has rejected requests for new trials by the two Rigases.
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