one count of bank fraud is reversed

U.S. V. RIGAS
(U.S. 2nd Circuit, May 24, 2007) - In the high-profile case charging former owners of Adelphia Communications, Timothy and John Rigas, with securities fraud conspiracy, one count of bank fraud is reversed. Their convictions and sentences, however, are affirmed. These include convictions for: 1) conspiracies to commit securities fraud, to make and cause to be made false statements in filings with the SEC, and to commit bank fraud; 2) securities fraud; and 3) bank fraud.