$728 Million Is Being Distributed To 8,500 Adelphia Victims in Settlement

More than $728 million forfeited by Adelphia Communications Corp. as part of a 2005 nonprosecution agreement is being distributed to approximately 8,500 victims of the massive securities fraud at the entity, U.S. Attorney Preet Bharara of the U.S. District Court for the Southern District of New York said April 30.

According to Bharara, the $728 million is the largest one-time distribution in Justice Department history.

Adelphia’s founder and Chief Executive Officer John Rigas, and his son, Timothy Rigas, the concern’s chief financial officer, were convicted in 2004 for their roles in a scheme that defrauded investors and creditors by misrepresenting ...