In sparing one of the New Haven Savings/NewAlliance bank scammers a jail term, federal Judge Janet Arterton (pictured) said she was sending two messages to purveyors of financial fraud.

Message One: If you cooperate immediately with authorities, pay fines without negotiating, send others to jail, and show real remorse, you can stay out of jail.

Message Two: People now do go to jail if they sneak their way into bank-conversion stock buys to which they’re not legally entitled.

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