NewAlliance IPO Investor Hit With $1M Penalty

Law360, New York (August 4, 2011, 1:25 PM EDT) -- A federal judge in Connecticut on Tuesday ordered investor Gary Richetelli to pay $1 million for illegally obtaining stock in NewAlliance Bancshares Inc.'s 2004 initial public offering.

Richetelli — who allegedly capitalized on the conversion of New Haven Savings Bank from a mutual form of organization to a stock form of organization as NewAlliance — consented to the final judgment to end a U.S. Securities and Exchange Commission suit brought against him in 2009. The payment constitutes a $900,000 disgorgement and a $100,000 civil penalty....
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Case Title

Securities & Exchange Comm v. Richetelli


Case Number

3:09-cv-00361

Court

Connecticut

Nature of Suit

Securities/Commodities

Judge

Christopher F. Droney

Date Filed

March 5, 2009

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