Taxable Talk

John Rigas, founder of Adelphia Communications, and his son Timothy, were indicted on tax evasion charges. According to this article, they diverted $1.85 billion for their personal use from Adelphia. The pair has already been found guilty of fraud and face prison terms of 15 and 20 years, respectively. Both are appealing their convictions.

In another development, two of the auditors of Adelphia were charged by the SEC with professional misconduct. The two engaged in “reckless and unreasonable” conduct when they approved false Adelphia financial reports, according to this story.

This entry was posted on Friday, October 7th, 2005 at 5:06 pm and is filed under Tax Evasion. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.