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Business Briefing / Courts

Adelphia founder, son lose appeal

October 06, 2009|Times Wire Reports

Imprisoned Adelphia Communications Corp. founder John Rigas and his son, Timothy, must serve sentences of 12 years and 17 years, respectively, a federal appeals court in New York said in upholding terms resulting from their 2004 fraud convictions.

Jurors found that the Rigases lied about the source of $1.6 billion used to buy Adelphia stock and debt and that they stole $51 million in cash advances.

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