Adelphia Communications Corp. founder John Rigas and his son Timothy, the company’s former CFO, today each saw three years reduced from their sentences for fraud, according to The Wall Street Journal.
John Rigas, 83, now has a 12-year sentence and his son, Timothy, 52, has a 17-year sentence. They were originally found guilty in 2004 on charges of securities fraud, conspiracy to commit bank fraud, and bank fraud at the former Pennsylvania-based cable company, according to the WSJ.
In 2007, an appeals court reversed the guilty verdict on one count of bank fraud and Judge Leonard Sand ordered the Rigases re-sentenced.
Judge Sand told the WSJ “a minimal adjustment is appropriate” because one of the bank fraud convictions was overturned.
John Riga’s other son, Michael, was last year sentenced to 10 months of home confinement after pleading guilty to making a false entry in a company record.