In a split verdict, a federal jury convicted Adelphia Communications Corp. founder John Rigas and his son, Timothy, of the most serious charges against them, but acquitted former controller Michael Mulcahey on all counts.
The big question is Rigas’ son Michael. Adelphia’s former COO was acquitted on the most serious count he faced, conspiracy. But the jury was undecided on other securities fraud counts and will continue to deliberate on Friday.
John and Tim Rigas face up to 30 years in jail. They were convicted of conspiracy, securities fraud and bank fraud, but acquitted on wire fraud charges involving their multimillion-dollar withdrawals from a company cash-management account.
Mulcahey won a clean sweep, cleared on all charges.
His major role had been transferring money to and from Rigas family accounts on Tim and John’s orders. He was the only defendant to take the stand and his lawyer, Mark Mahoney, repeatedly emphasized that he got no financial benefit other than his salary and had no criminal intent. “I believed in his Innocent all along,” Mahoney said. “we couldn’t be happier that the jury agreed.”