New Haven Independent

White-Collar Crime, Taken Seriously

by Paul Bass | October 26, 2005 10:18 PM | Permalink

The U.S. Attorney’s Office has won indictments against two more out-of-towners who tried to get rich quick by breaking securities laws when New Haven Savings Bank went public (and became NewAlliance Bank). The 12-count indictment, unsealed today, charges Chance M. Vought, 56, of Quogue, N.Y., and John M Lucarelli, 34, of Greenwich, with conspiracy, mail fraud, wire fraud and securities fraud. They’re charged with hatching a scheme to buy low-priced shares of the bank that they weren’t entitled to, because they weren’t shareholders. Click here and here to read the New Haven Advocate articles that sparked the federal investigation and learn what the scheme was all about. And three cheers to the feds for pursuing a white-collar crime that usually goes uninvestigated. Anyone with more info about the New Haven Savings/ New Alliance case is urged to contact the U.S. Attorney by e-mail.

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