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Chapter 3. The Superstar CEO: Celebritie... > Red Flag 2: When There Is Family Con...

Red Flag 2: When There Is Family Control, the Rights of Others May Be Trampled On

The alleged looting of cable TV company Adelphia by John Rigas and his family is a warning to us all that family control of the boardroom and executive suite should be feared. At 6 a.m. on July 24, 2002, Rigas and his sons Timothy and Michael were arrested on securities, wire, and bank fraud charges and were taken out of their New York apartment in handcuffs. John Rigas had been chairman and CEO, Timothy had been chief financial officer, and Michael had been executive vice president of operations of a company that filed for bankruptcy the previous month amid massive debts and accounting probes.


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