WELLSVILLE, N.Y. (WKBW) — John Rigas, the former owner of the Buffalo Sabres who was also convicted of bank, wire, and securities fraud while serving as CEO of Adelphia Communications, has died at age 96, according to the Buffalo News.
Rigas, who was born and raised in Wellsville, founded Adelphia Communications in Coudersport, Pa. in 1952.
In 1997, Rigas bought the Buffalo Sabres who were eventually turned over to Tom Golisano.
In 2002, Rigas was indicted on bank fraud, wire fraud, and securities fraud for concealing $2.3 billion in liabilities from corporate investors and for using corporation funds as personal funds, and was later sentenced to 15 years in federal prison.
Rigas was released early from prison in 2016 after being diagnosed with terminal bladder cancer.
