п»ї

Financial Transactions

The company i have chosen to portray within my key job is the Adelphia Communications Firm. The Adelphia Communications Company was a cable television company based in Coudersport, Pennsylvania. It absolutely was owned by John Rigas and begun in 1952; Adelphia became one of the major cable corporations in the United States. In 2002 Adelphia Corporation registered bankruptcy because of internal data corruption. Shortly after processing bankruptcy the organization headquarters was moved to Greenwood Village, The state of colorado. Time Warner Cable and Comcast officially acquired virtually all Adelphia's revenue-generating assets in July, 2006. The remaining possessions were in real estate and so they were auctioned off by an internet-based real estate marketing company. (Adelphia Marketing and sales communications Corporation, 2002) As a result of the acquisition, Adelphia no longer exists being a cable company. Adelphia's lengthy distance mobile phone business with 110, 500 customers in 27 states was purcahased by Pioneer Cell phone for about $1. 2 million. (Adelphia Marketing and sales communications Corporation, 2002) Conspiracy, financial institution fraud and securities scams were the prices against Ruben Rigas wonderful son Timothy Rigas pertaining to looting the cable business and duping its buyers. The two were found guilty on almost all 15 investments fraud charges against all of them and other is important. John Rigas other son Michael was acquitted of conspiracy fees in a part verdict; the jury wasn't able to decide on most of the remaining is important against him. (Adelphia founder John Rigas found guilt ridden, 2004) The previous assistant treasurer Michael Mulcahey and Rigases were incurred with concealing $2. three or more billion in debt at the cable connection company, deceiving investors and stealing company cash to line their particular pockets. During the trial the prosecution offered evidence demonstrating that the Rigas diverted funds from the organization for their personal use and gain for the tune of $100 million. The Rigas family had been all involved including the...

Referrals: Bibliography

Adelphia Communications Corporation. (2002). Retrieved February several, 2014, via adelphiarestructuring: http:///www.adelphiarestructuring.com

Adelphia president John Rigas found guilty. (2004, September 8). Recovered February three or more, 2014, coming from nbcnews: http:///www.nbcnews.com

Adelphia President, Son Found guilty of Scam. (n. g. ). Gathered February three or more, 2014, coming from washingtonpost: http://www.washingtonpost.com

M. U. S. E. (2014). Recovered February several, 2014, by ColoradoTechnicalUniversityOnline: https://campus.ctuonline.edu/pages/MainFrame.aspx?ContentFrame=/Home/Pages/Default.aspx

Online Learning Center. (2002). Retrieved February 7, 2014, from Financialandmanagerialaccounting: http://highered.mcgraw-hill.com/sites/0072396881/student_view0/chapter1/chapter_summary.html

What is Financial Fraud? (2003). Gathered February several, 2014, from wisegeek: http://www.wisegeek.com/what-is-financial-fraud.htm