BILLION DOLLAR FRAUD? - Aldephia Has Calhoun Cable Service

(03/25/2003)
A former Adelphia Communications executive says the company would not hire an independent investigator to probe payments to the firm's director. The company reportedly guaranteed billions of dollars in loans to founder John Rigas.

In a regulatory filing, Chief Financial Officer Christopher Dunstan stated in a resignation letter on March 17th that Adelphia failed to adequately disclose the payments to the director, but not reveal the director's name.

The concerns were in a filing with the Securities and Exchange Commission on Friday, but details were not provided.

Adelphia provides limited cable service in Calhoun, has been under scrutiny since last spring.