BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Madoff arrives in North Carolina to begin life in prison]]>http://www.bloggingstocks.com/2009/07/14/madoff-arrives-in-north-carolina-to-begin-life-in-prison/http://www.bloggingstocks.com/2009/07/14/madoff-arrives-in-north-carolina-to-begin-life-in-prison/http://www.bloggingstocks.com/2009/07/14/madoff-arrives-in-north-carolina-to-begin-life-in-prison/#commentsFiled under: ,

Bernie Madoff enters federal prisonBernie Madoff, the mastermind behind the world's largest ever Ponzi scheme, arrived at a federal prison in North Carolina to begin serving his 150 year prison sentence.

It will be hard to find anyone sympathetic to the 71 year old investor who will be spending the rest of his life behind bars. We still do not know if Madoff will serve out all of his time at the federal prison in Butner, North Carolina, but for now that is where he can call home.

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Madoff arrives in North Carolina to begin life in prison originally appeared on BloggingStocks on Tue, 14 Jul 2009 18:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>AdelphiaBernie MadoffBernieMadoffButnerfeaturedfraudinvestorsJohn RigasJohnRigaslawNorth CarolinaNorthCarolinaPonziPonzi schemePonziSchemeprisonscamsTue, 14 Jul 2009 18:30:00 EST<![CDATA[Financial Felons: Where are they now and is there a next generation coming? ]]>http://www.bloggingstocks.com/2008/11/25/financial-felons-where-are-they-now-and-is-there-a-next-generat/http://www.bloggingstocks.com/2008/11/25/financial-felons-where-are-they-now-and-is-there-a-next-generat/http://www.bloggingstocks.com/2008/11/25/financial-felons-where-are-they-now-and-is-there-a-next-generat/#commentsFiled under: , ,

We recently presented a look at some of the most notorious financial felons of contemporary times.

Since then, news has included the indictment of Mark Cuban for insider trading in a case that is somewhat reminiscent of Martha Stewart's case. According to the SEC, the billionaire entrepreneur asked his broker to sell all his shares of Mamma.com after the company's CEO confidentially told him of an impending stock offering that would dilute the value of all existing shares. By selling before the information became public, Cuban is said to have sidestepped losses of more than $750,000. Cuban insists, though, that no agreement existed to keep the information confidential.

And then there was the indictment in Texas of Vice President Dick Cheney, along with former U.S. Attorney General Alberto Gonzales and others. There seems to be a conflict of interest between the vice president's influence on the federal agency that oversees federal immigration detention centers and his substantial holdings in Vanguard Group, which invests in private prison companies. But does the lame-duck county district attorney, who was a no-show in court, have the authority to bring charges against federal officials with regard to federally run institutions?

Continue reading Financial Felons: Where are they now and is there a next generation coming?

Financial Felons: Where are they now and is there a next generation coming? originally appeared on BloggingStocks on Tue, 25 Nov 2008 14:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>AdelphiaADMAlberto GonzalesAndrew FastowBarry MinkowBernard EbbersBoris BerezovskyCharles KeatingDennis KozlowskiDick CheneyEnronfinancial felonsGeorge Sorosinsider tradingIvan BoeskyJack AbramoffJeff SkillingJohn RigasJoseph NacchioKen LayLou PearlmanMamma.comMark CubanMark WhitacreMartha StewartMichael MilkenNick LeesonQwestTed StevensTycoVanguard GroupWorldcomTue, 25 Nov 2008 14:40:00 EST<![CDATA[Financial Felons: John Rigas]]>http://www.bloggingstocks.com/2008/11/22/financial-felons-john-rigas/http://www.bloggingstocks.com/2008/11/22/financial-felons-john-rigas/http://www.bloggingstocks.com/2008/11/22/financial-felons-john-rigas/#commentsFiled under: , , ,

This post is part of a feature in which he wonder whatever happened to some notorious financial felons. See all 17.

John Rigas used Adelphia, which at one time was the fifth largest broadcasting and cable TV company, as his personal piggy bank, ultimately driving the company into bankruptcy. He founded the company with his son, Timothy Rigas, who was also charged in the scheme. The Rigases stole $100 million from the company so they could buy luxurious personal residences, trips, and other items to enable them to live a life of luxury on the purse strings of the shareholders.

In 2004, John and Timothy Rigas were found guilty of concealing $2.3 billion in loans, which were hidden in small companies left off Adelphia's books. The SEC charged them with hiding that debt and inflating Adelphia's earnings to meet Wall Street expectations between 1998 and 2002. They also were charged with falsifying company statistics and concealing blatant self-dealing with members of the Rigas family, which had a controlling interest in Adelphia. In 2005, John Rigas was sentenced to 15 years in prison and Timothy Rigas was sentenced to 20 years. At the time of the sentencing John Rigas was 80 years old and Timothy Rigas was 49 years old.

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Financial Felons: John Rigas originally appeared on BloggingStocks on Sat, 22 Nov 2008 14:10:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Adelphiafinancial felonsJohn RigasTime Warner CableTimothy RigasTWCSat, 22 Nov 2008 14:10:00 EST<![CDATA[Companies that vanished: Adelphia]]>http://www.bloggingstocks.com/2008/06/15/companies-that-vanished-adelphia/http://www.bloggingstocks.com/2008/06/15/companies-that-vanished-adelphia/http://www.bloggingstocks.com/2008/06/15/companies-that-vanished-adelphia/#commentsFiled under: ,

This post is part of a series on some of the most memorable companies that have disappeared.

I can't say I had much personal experience with Adelphia, which was the fifth largest cable company in the country when it filed for bankruptcy in 2002. But I did follow the case of the Rigas' family with interest. Dad and founder John and son Timothy Rigas ended up going to jail after treating this huge public company like their own personal candy store.

Founded in 1952 in Coudersport, Penn., Adelphia's name came from the Greek word for brother. The company went public in 1986 and grew by acquisition -- buying up smaller cable providers.

The company went bankrupt in 2002 after disclosing $2.3 billion in debt that was kept off the balance sheet. Federal prosecutors charged the Rigases and other officers of looting the company of an estimated $100 million, much of it spent on ridiculous excess -- like spending $6,000 to have Christmas trees flown in to New York.

Both Rigas men were found guilty and in 2007 started serving time in a Federal prison in Raleigh, North Carolina.

Time Warner Cable (NYSE: TWC) and Comcast (NASDAQ: CMCSA) bought up Adelphia's cable business in 2006, splitting up the customers by region.

Let us know in the comments what you miss about Adelphia. And be sure to check out other Companies That Have Vanished.

Companies that vanished: Adelphia originally appeared on BloggingStocks on Sun, 15 Jun 2008 14:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>AdelphiaCMSCAComcastJohn RigasJohnRigasTWCSun, 15 Jun 2008 14:40:00 EST<![CDATA[Adelphia frauds get a new home... jail]]>http://www.bloggingstocks.com/2007/08/13/adelphia-frauds-get-a-new-home-jail/http://www.bloggingstocks.com/2007/08/13/adelphia-frauds-get-a-new-home-jail/http://www.bloggingstocks.com/2007/08/13/adelphia-frauds-get-a-new-home-jail/#commentsFiled under: , , , , ,

For all of you who were negatively affected one way or another from the Adelphia shenanigans back in the early part of this decade, justice is finally being served by the two ring leaders in the Adelphia fraud case, John and Timothy Rigas.

John Rigas, aged 82, and his son Timothy Rigas, 51, were convicted on numerous charges of securities and bank fraud back in 2004, but have spent the past few years free as they have tried to drag on their appeals case. Luckily, these two corrupt executives were finally forced to face the music, and were admitted to a low security jail in North Carolina this morning.

In case you forget the details of this case, let's quickly summarize. Adelphia led its employees and investors to believe that all was well with the telecommunication giant until heads turned at a "little" footnote that the company attached to a press release sent out in 2001. The "little" footnote was the company's way of disclosing the fact that it had accumulated billions of dollars of liabilities that it had not previously decided to disclose.

These liabilities turned out to be serious amounts of assets that were mis-used as family resources. The total unreported liabilities added up to slightly under $2.3 billion. Just a little omission, I'm sure investors and employees can forgive a little omission of $2.3 billion in liabilities.

John Rigas has been sentenced to serve 15 years behind bars, and Timothy is set to serve 20 years for his part in the fraud. Both are hoping to get new trials, and even wish to have their case taken straight to the Supreme Court.

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Adelphia frauds get a new home... jail originally appeared on BloggingStocks on Mon, 13 Aug 2007 15:30:00 EST. Please see our terms for use of feeds.

Read | Read | Permalink | Email this | Comments]]>adelphiaadelphia fraudAdelphiaFraudconvictionsinthenewsjohn rigasJohnRigastimothy rigasTimothyRigasMon, 13 Aug 2007 15:30:00 EST