It was Rigas family first, shareholders second for former Adelphia Communications Corp. director of internal reporting Michael Mulcahey, he testified Thursday.
“I really didn't think in terms of the shareholders,” he said. “I understand the corporation is owned by the shareholders. The owners of the company are indirectly my bosses, but that's not who I reported to.”
Instead, Mulcahey followed the orders of Adelphia founder and former chairman John Rigas and former chief financial officer Timothy Rigas, according to AP.
John Rigas, Timothy Rigas, former executive vice president of operations Michael Rigas and Mulcahey are on trial for 24 counts of conspiracy, wire fraud, bank fraud and securities fraud. All four men have pleaded not guilty.
Former VP of finance James Brown pleaded guilty to conspiracy, securities fraud and wire fraud in November 2002.