Risk Management

Mistrial for Michael Rigas

Acquitted of conspiracy and wire fraud charges; jury could not reach a verdict on 17 counts.
Dave CookJuly 12, 2004

The case of former Adelphia Communications Corp. vice president Michael Rigas ended in a mistrial Friday, a day after his father and brother were convicted on multiple counts of fraud.

Michael Rigas was acquitted of conspiracy and wire fraud charges, according to Bloomberg, but the jury could not reach a verdict on 15 securities fraud and 2 bank fraud charges.

Friday, on the ninth day of deliberations after an 18-week trial, U.S. District Judge Leonard Sand discharged the jury and ordered a hearing in the fall to discuss a new trial “not earlier than mid-October” for Michael Rigas, 50.

John Rigas, 79, Adelphia’s founder, and his son Timothy, the former chief financial officer, were convicted Thursday on 18 counts of securities fraud, bank fraud, and conspiracy. Each faces 30 years in prison on the bank fraud charge alone, reported the AP.