Business digest 06/21/05

Leading indicators decline in May

NEW YORK -- A closely watched gauge of future business activity fell more than expected in May, indicating slower economic growth may lie ahead later this year, a private research group announced Monday. The New York-based Conference Board reported that its Composite Index of Leading Indicators fell 0.5 percent last month to 114.1. The decline was more than the 0.2 percent drop that analysts had expected. The decline follows a unchanged level in April and a 0.6 percent decline in March.

Adelphia founder, exec sentenced to prison

NEW YORK -- Adelphia Communications Corp. founder John Rigas was sentenced Monday to 15 years in prison by a judge who blamed him for defrauding investors of his bankrupted cable company in one of the largest frauds in corporate history. The 80-year-old Rigas' son, Timothy, 48, the company's former chief financial officer, was sentenced to 20 years in prison. The pair were convicted of bank fraud, securities fraud and conspiracy.

-- From wire reports