Who caused the collapse

 

Founded by World War II veteran John Rigas in 1951, at one point Adelphia Communications was one of the largest cable companies in the United States boasting 5.6 million customers in over 30 states. The problem with Rigas’ Adelphia Communications was that the company was not reporting its debts and falsified profits of nearly $2.3 billion. Furthermore, Rigas and his sons also failed to report over $3 billion in investments they had received. It was also discovered that Rigas and his sons used millions of dollars in corporate funds for personal use. John Rigas was sentenced to 15 years in prison in 2005. John, 79, and Timothy J. Rigas, 47, were also found guilty of two bank fraud counts and 15 counts of securities fraud. But another of John Rigas's sons, Michael, 50, was acquitted of conspiracy, and jurors were deadlocked on 17 bank and securities fraud charges against him. His trial ended in a mistrial Friday after the jurors told U.S. District Judge Leonard B. Sand that they could not reach agreement on the charges against him.