Mr Colecozy had been released from prison four months
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A convicted robber who held a scalpel to the throat of one student and threatened another with a fake gun has been jailed for 10 years.
Leroy Colecozy, 30, of Worcester Drive in Tuebrook, had been out of prison for four months when the attacks happened, Liverpool Crown Court heard.
He had been released after serving half a five-year term for similar robberies.
"If Colecozy had not been released so soon those people would not have been victims," Judge Denis Clark said.
The judge said he was concerned about how long prisoners actually serve out of the sentences they are given.
For sentences of more than four years, defendants are told they will serve at least two thirds of the sentence.
"It is difficult for the public to know exactly what sentences mean nowadays. It is difficult for the courts to know exactly what length will be served.
"The rules seem to altered on a weekly basis in favour of criminals."
Colecozy was caught on 24 February after a security guard watching CCTV saw a robbery taking place.
Some of his victims were escorted to cash machines to withdraw money for him, and one was punched in the stomach, the court was told.
Michael Stephenson, for the prosecution, said the offences occurred in February 2003 and the victims were students who were attacked in the vicinity of the University of Liverpool.
In his defence, Jason Smith said the defendant was "genuinely remorseful."