[C9.] Former Adelphia Employee Testifies Adelphia Communications issued a number of false financial statements by inflating its subscriber numbers, the company's former director of investor relations testified.
Investors were not told of millions of dollars of compensation paid to former Tyco International executives, the company's former head of investor relations testified under questioning from prosecutors yesterday.
[Page C1.] Executive Testifies That Enron Lied About Results Enron's former head of investor relations testified that the company fudged its quarterly earnings and repeatedly lied to Wall Street about the condition of its troubled broadband services division to keep its stock price up.
C1 Enron Testimony Begins Mark E. Koenig, former head of Enron's investor relations, testified at the criminal trial of the former chief executives Kenneth L. Lay and Jeffrey K. Skilling that the company fudged its quarterly earnings and repeatedly lied to Wall Street about the true condition of its troubled broadband services division to keep its stock price soaring.
"I think we're charged with trying to get the police officers to work, do the things that they're getting paid for," the Police Department's deputy commissioner for labor relations, John Beirne, testified.
At the hearing last month, Jack Meyer, who was an inspection service labor-relations officer, testified that he opposed suspending the men, but was instructed to do so by Donald Musacchio, then a top official for management at the food safety service in Washington.
In the Martha Stewart trial, government forensic scientist Larry F. Stewart (no relation to Martha) testified that he had performed incriminating tests on the famous "@60″ written next to " ImClone " on a worksheet used to record Martha Stewart's securities positions.
A former Adelphia investor relations director, Karen Chrosniak, testified at the trial that Timothy Rigas instructed her to inflate cable subscriber figures, making the company appear healthier than it was.
Mr. Grand asked why prosecutors did not ask Karen Chrosniak, the former investor relations director, who testified for several days, about the scheme, or call any other witnesses on it.
Brad McGee, who headed investor relations at Tyco, testified that Mr. Kozlowski told shareholders he sold company stock once a year and only for limited reasons, like paying back Tyco's loan program for crucial employees.
