Adelphia Charges Up the Ante

Ugly stories of corporate misbehavior have poured out of Adelphia Communications (ADELQ Quote) in recent months. But the feds have managed to dredge up some more.

In civil and criminal complaints filed Wednesday, federal prosecutors and the Securities and Exchange Commission piled on new allegations of financial fraud and self-dealing at the cable operator once controlled by founder John J. Rigas and his family.

These allegations, atop earlier reports issued by Adelphia's new management, flesh out a picture of what SEC official Wayne Carlin calls "a stunning level of looting" of Adelphia, as well as billion-dollar misrepresentations of the company's finances. ...