New Haven Independent

Middleman Convicted

by Paul Bass | July 31, 2006 8:24 AM | Permalink

A groundbreaking white-collar crime case has ended in a guilty verdict. After deliberating for five days, a federal jury Friday found John Lucarelli (pictured at right outside the New Haven courthouse with his lawyer) guilty on two fraud charges related to the scam that found out-of-town moneybags investors using local depositors to buy millions of dollars of preferred stock when New Haven Savings Bank went public and became NewAlliance. The jury cleared Lucarelli of eight other charges. Lucarelli, who was the middleman in the scheme, faces up to 30 years in jail, a longer sentence than the mastermind of the scheme (who pleaded guilty), when he comes before Judge Janet Arterton on Halloween for sentencing. Click here to read the U.S. Attorney’s press release on the verdict. Click here, here, here, and here for Independent stories on the tria.

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