Michael Rigas was acquitted of some charges, but the jury deadlocked on others.
Jurors heard about the personal use of Adelphia’s corporate jets, John Rigas’ practice of drawing up to $1 million a month from the company, a $25 million purchase of timber rights on land across the street from John’s home, and funding used to construct a golf course on family land. Adelphia money also paid for Tim’s $700,000 membership at The Golf Club in South Carolina, his $125,000 membership at a Hilton Head golf course, and a $7,000 weekend golf trip to Pebble Beach. Among more than 1,000 exhibits entered into the trial record were charts of complex financial transactions and the records on which the charts were based. While reviewing the 95-page indictment and completing the 293 questions on a special verdict form, the jury asked to see about 100 exhibits and to be given at least 20 transcript excerpts. Paying the Price John and Tim Rigas were convicted on July 8, 2004, of conspiracy and on multiple counts of securities fraud and bank fraud. Former Assistant Treasurer Michael Mulcahey was acquitted of all charges. Michael Rigas was acquitted of some charges, but the jury deadlocked on others. After nine days, the Honorable Leonard B. Sand dismissed the jury and set a date for Michael’s securities fraud retrial in January 2006. In all trials, the prosecution team works long hours for long stretches. In this case, AUSAs Richard Owens, Christopher Clark, and Judd Lawler; paralegals Margaret Lee and Jill Ottenberg; and Inspectors Feeney and Roinestad— guided by Fraud Team Leader John Feiter—worked from October 2003 through July 2004.
