Former Adelphia Communications assistant treasurer Michael C. Mulcahey was barred from ever serving again as an officer or director of a publicly traded company by U.S. District Judge Kevin Castel Thursday, AP reported.
Mulcahey was acquitted of criminal fraud charges in 2004, but the Securities and Exchange Commission sought regulatory sanctions for his conduct, and Castel ruled that Mulcahey helped Adelphia’s founding Rigas family in the fraud that led to the MSO’s bankruptcy and collapse in 2002, according to AP.
Castel also ruled that Mulcahey hadn't been personally enriched, declining to order any fines against Mulcahey, who made $140,000 in his best year with Adelphia, but banning him from receiving "anything of value" in the future from the Rigas family, AP reported.
Mulcahey's attorney, Mark J. Mahoney, said he was "grateful" that the judge decided not to impose economic sanctions but intended to appeal the lifetime ban, according to AP.
