Former Adelphia exec pleads guilty to fraud
Timothy Werth, Adelphia Communications’ former accounting director, pleaded guilty to securities fraud and conspiracy to commit securities fraud, today in U.S. District Court in Manhattan. Although the charges could carry millions of dollars in fines and as much as 15 years in prison, it’s unlikely Werth will suffer those penalties since he is cooperating with the government.
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Werth, along with former Vice President of Finance James Brown, to whom he reported, are expected to be key witnesses in the government’s case against Adelphia founder John Rigas and his sons Timothy and Michael, which is scheduled to begin Jan. 5, 2004. Brown pleaded guilty to manipulating and overstating earnings in November.
Sentencing for both guilty pleas was set for Feb. 20, 2004, after the trial concludes.
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