#7: John Rigas
Company: Adelphia
Current company status: Paying creditors before dissolving
In 2002, John Rigas was forced out of his position as CEO of cable provider Adelphia after being indicted of securities, bank and wire fraud. Six other executives were also charged in the incident, including his two sons, Timothy and Michael. It became apparent during the trial that Rigas and his sons had used corporate funds for personal expenses. They had also concealed several billion dollars in owed loans. In 2003, a year after the incident began, Adelphia was still a member of the Fortune 500 companies. By 2006, the scandal had finally caught up with it, and the corporation had spiraled into bankruptcy as a direct result of the scandal. Rigas was sentenced to 15 years in federal prison and is scheduled to be released in 2018.
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