Adelphia Communications has agreed to pay the government $715 million to settle a federal fraud investigation, Attorney General Alberto Gonzales said Monday. The government will use the funds to compensate investors hurt by the fraud -- making the settlement one of the largest of its kind, Gonzales said. Adelphia filed for bankruptcy after founder John W. Rigas and others were accused of using the company as their "private piggy bank" and cheating investors out of billions of dollars.
April 26, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Bankrupt Adelphia Communications Corp. has agreed to pay the government $715 million to settle a federal fraud investigation, Attorney General Alberto Gonzales said Monday.
Adelphia will deposit the money in a fund that the government will use to compensate investors hurt by the fraud — making the settlement one of the largest of its kind, Gonzales said. As part of the settlement, members of the Rigas family, the company’s founders, have agreed to forfeit more than 95 percent of their assets.
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