The Autorité des marchés financiers says it is opposing a motion filed by lawyers on behalf of the founder of defunct money manager Norbourg Asset Management Inc., Vincent Lacroix, to lift an asset freeze order.

The AMF reports that Lacroix’s lawyers are asking the Bureau de décision et de révision en valeurs mobilières to overturn a freeze order on funds totaling $1.5 million. The decision to allow or dismiss the motion is up to the BDRVM, and not the AMF.

The regulator says that its primary goal is to maximize the funds it recovers on behalf of investors. The AMF maintains that any amount granted to Lacroix will reduce the portion available to investors. “Inasmuch as the funds being requested may belong to investors who were swindled, the AMF has no choice but to oppose the motion strenuously,” said AMF president and CEO, Jean St-Gelais.

On September 30, the AMF requested the winding-up of Norbourg. A hearing on the matter before the BDRVM is scheduled for October 14. The AMF says that over the coming days it will also be “exercising a number of recourses” intended to recover funds on behalf of investors.

The regulator is also pursuing its investigation to determine whether to launch penal proceedings. No allegations have been brought at this time however.