Adelphia Communications Corp. founder John Rigas and his son, Timothy, were indicted by federal prosecutors on charges of engaging in a $300 million tax evasion scheme. Both men were found guilty of fraud earlier this year in connection with accounting fraud at the bankrupt cable company.
Prosecutors have said the Rigases took $1.85 billion from Adelphia for their personal use and then manipulated the cable company's books -- the changes resulted in the alleged failure to report more than $1.9 billion in income on federal tax returns. Both are charged with one count of conspiracy as well as separate counts of tax evasion for the 1998, 1999 and 2000 fiscal years, and face up to 20 years in prison on all of the counts.
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