Adelphia victims finally may get $728 million
Apr 30, 2012, 11:04 PM
NEW YORK (AP) – Federal prosecutors in New York say the government can now distribute $728 million to Adelphia Communications Corp.’s fraud victims.
In a release Monday, the prosecutors said the money is the largest single distribution to victims in Justice Department history. The government first announced the money was heading to investors in April 2005. It announced in February 2007 that it had more than $530 million in hand.
In its latest release, the government said distribution of the money was delayed by the complex process of notifying thousands of potential victims, among other reasons.
In 2004, a jury convicted the founder of Adelphia, along with his son, in a $1.9 billion fraud. Both are serving prison sentences. Adelphia was one of the nation’s largest cable companies before its 2002 collapse.
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