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.

Continue reading Madoff arrives in North Carolina to begin life in prison

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[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.

Continue reading Adelphia frauds get a new home... jail

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