Court Case Of John And Timothy Rigas
In 2004, John and Timothy Rigas were convicted in the New York District Court for charges that involved conspiracy, bank and security FRAUD. All of the security frauds cited against them were upheld on several counts. Michael Rigas and Michael Mulcahey were not found guilty on the charges brought upon them. For John and Timothy Rigas, the judgement passed down to them was up to 30 years in prison. In 2002 the Securities Exchange Committee filed the suit against Adelphia Communications Corp and all the members listed previously. Adelphia owned several subsidiary companies and the first SEC suit against them is for hiding the liabilities of Adelphia in these companies. The second was for making false statements to deceive others such as Wall …show more content…
Adelphia was INCORPORATED in Delaware, but the headquarters was located in PA. There are many advantages under a corporation, but "a corporation protects managers and investors from personal liability for the debts of the corporation and the actions of others, but not against liability of their own negligence or other torts and crimes," Beatty & Samuelson (2016). According to the Security Exchange Commission (2002), "his sons Timothy, Michael, and James were also apart of the family business and held high positions such as Chief Financial Officer, Vice President, and Executive President. In addition to the Rigas family, Michael Mulcahey was the assistant Treasurer and Vice …show more content…
In the case of Adelphia, the individuals found guilty in this case neglected their duties as managers and their duties to the SHAREHOLDERS. With the positions as Chairman of the board of directors, President, and Vice President, they all had "fiduciary duties to both the corporation and its shareholders" Beatty & Samuelson (2016). The SEC's suit against them for multiple frauds on different counts, did not protect them from the BUSINESS JUDGEMENT RULE based on the fact that they weren't acting in good faith by putting the company in debt and manipulating statements to conceal the
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