The jury in the Adelphia fraud trial returned convictions on the bankrupt cable operator's founder and former chief executive, John Rigas, and his son, former financial chief Timothy Rigas.

Capping a lengthy federal trial, the former execs were convicted of fraud and conspiracy, according to wire reports.

Rigas' other son on trial, former executive vice president Michael Rigas, was acquitted on conspiracy charges, but the jury said it hadn't reached a verdict on securities fraud charges.

The fourth executive facing charges, former assistant treasurer Michael Mulcahey, was acquitted on all counts.

The verdicts in Manhattan federal court come on the same day that the government arrested Ken Lay, the former Enron chief, on charges that he committed fraud in connection with the 2001 collapse of the energy trader.

The trial, which followed a financial scandal that plunged Adelphia into bankruptcy, exposed a cautionary tale of what can go wrong at a family-controlled business that evolves into a publicly traded company.

Founded by patriarch John Rigas a half a century ago, Adelphia grew into one of the nation's largest operators of cable TV systems, but ran into trouble as Adelphia's and the Rigas family's finances were intermingled, and neither people nor systems in place at Adelphia were able to keep them apart.

Prosecutors had charged that the Rigases used Adelphia as a "private ATM" to fund $50 million in cash advances, buy $1.6 billion in securities and repay $252 million in margin loans.

Among the many allegations made at the trial of inappropriate corporate spending, it was said that Adelphia bought 100 pairs of bedroom slippers for Tim Rigas, and that John Rigas used the company's corporate jet to transport two family Christmas trees.

Adelphia filed for bankruptcy in 2002 after the company revealed that, under a previously-disclosed co-borrowing arrangement between Adelphia and the Rigases, Adelphia was potentially on the hook for far greater borrowings by the Rigas family than Wall Street had realized.

Under new management, Adelphia is seeking to exit bankruptcy protection. The current management has sought to keep the company independent, but under pressure from creditors, management has said it would entertain a possible sale of the company.

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