The Autorité des marchés financiers yesterday launched a $94 million lawsuit against Vincent Lacroix, the founder of the Norbourg group of companies, accusing him of misappropriating millions from the Montreal-based money management firm.

Quebec’s main securities regulator is claiming $84 million from Lacroix for losses incurred by investors and $10 million in punitive damages.

The AMF said it is suing on behalf of investors.

In a release, the AMF claims Lacroix misappropriated $84 million from various Norbourg and Evolution mutual funds. “Some $18 million of these funds was used for his own personal benefit,” the AMF said.

“The suit is one of several other recourses that the AMF will launch as its ongoing investigation produces strong and sufficient evidence,” it said.

A regulatory report sent to Quebec’s finance minister Monday is recommending the liquidation of the remaining assets of the Evolution and Norbourg families of funds. A criminal investigation has been launched.

Regulators froze Norbourg’s assets in August when it was announced that Norbourg and related companies were under investigation for allegedly defrauding more than 9,000 investors, most from Quebec. A later audit revealed a $130 million discrepancy.

Lacroix has not been charged and has denied doing anything wrong.