Because they were each found guilty of the same charges, they were given different prison terms due to age. The primary types of audits are financial audits, compliance audits and operational audits.
Among the most damning evidence used by New York Attorney General Eliot Spitzer were e-mails written by star Internet stock analyst Henry Blodget which praised companies to investors while denigrating them privately. Named in the Complaint are: A good analogy of the Adelphia scandal would be a poker game where the dealer Adelphia is cheating, and the gambler stockholder gets cheated.
As the plans for further physical expansion in the s were being formulated, the company was also investing its resources into improving the infrastructure of its various cable systems—something it had been doing since its formation in The judge had instructed the jury that Arthur Andersen could be convicted even if the audit firm was acting in the belief that its actions were lawful.
Each of these represent key "metrics" by which Wall Street evaluates cable companies. To sustain this pace of financial growth, Adelphia looked to physical expansion and resumed its acquisition program as it entered the mids.
Adelphia Communications Corporation, John J. Rigas"a 46 year-old resident of Coudersport, Pennsylvania and a son of J. The Commission further seeks an order barring each of the individual defendants from acting as an officer or director of a public company. John was released from prison in due to poor health.
Principal Subsidiaries Adelphia Cablevisions, Inc. The Adelphia scandal is morally wrong because the Rigas family coerced and exploited employees, harmed all stakeholders as well as stockholders, and had a negative impact on the cable industry as a whole.
A former Adelphia assistant treasurer, Michael Mulcahey, was acquitted of all criminal charges. The Commission further seeks an order barring each of the individual defendants from acting as an officer or director of a public company. Adelphia is the sixth largest cable television provider in the United States and, through various subsidiaries, provides cable television and local telephone service to customers in 32 states and Puerto Rico.
Between mid and the end ofJohn J. To be an internal auditor you must have a certificate to be a Certified Internal Auditor. The Enron case was the first of many corporate accounting scandals that impacted millions of people.
Of late, the news has echoed the names of companies such as WorldCom, Global Crossing, Adelphia Communications, and the Rite Aid drug store chain, naming a few. General Accounting Fraud Resources: Jailhouse Shock, CFO Magazine Corporate Scandals, CBC News How to Avoid an Accounting Scandal, CFO Magazine Adelphia Communications: In March, the Pennsylvania-based cable company said it had loaned billions of dollars to the founding Riga family.
The family relinquished control of Adelphia. Adelphia founder John Rigas and two of his sons were arrested and charged with looting the cable-television company.
Two other executives were also arrested. Securities and Exchange Commission Accounting and Auditing Enforcement Release No. / July 24, Securities and Exchange Commission v.
Adelphia Communications Corporation, John J. Rigas, Timothy J.
Rigas, Michael J. Rigas, James P. Rigas, James R. Brown, and Michael C. Mulcahey, 02 Civ. (KW) (S.D.N.Y.) United States. Adelphia Communications Corp.'s Bankruptcy accounting fraud and corporate looting scandal involving the founding Rigas family made Adelphia the 11th largest bankruptcy case in history, and the.
Time Warner Inc. (NYSE:TWX) and Comcast Corporation (Nasdaq:CMCSA, CMCSK) today announced that they completed the acquisition of substantially all of Adelphia Communications Corporation's assets.
With this acquisition as well as the swaps of cable systems between them, Comcast and .Adelpia communications accounting scandal