The founder and former chief executive of a failed Connecticut thrift was sentenced to 33 months in prison for bank fraud and misapplication of funds.

Michael G. Morgan, 50, will remain free while he appeals the conviction to the U.S. Court of Appeals for the 2d Circuit. The U.S. Attorney's Office is also considering appealing for a longer sentence.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.