Ross (pictured above) pleaded guilty to arranging to
pour $4.9 million of his own and his partners’ money into lucrative
stock sales to which they weren’t legally entitled. He did it by giving
the money to depositors of the old New Haven Savings Bank to buy
favorably-priced stock in their own names in a 2004 initial public
offering, when the bank demutualized and became NewAlliance. The
depositors turned over the stock to Ross, who immediately sold it when
the stock began trading publicly and grabbed a 50 percent profit. He
shared a bit of those profits with the depositors.