The New Brunswick Securities Commission has temporarily suspended the registration of Vincent Lacroix, the man at the centre of a regulatory investigation into whether money is missing from mutual funds managed by his firm, Norbourg Asset Management Inc.

The NBSC said that Lacroix is currently registered as a compliance officer with Tandem Wealth Management Inc. He is also the president and controlling sharholder of Norbourg.

The regulator has scheduled a hearing for September 9 to determine if the suspension should continue.

The commission said that its action follows a similar action by the Autorité des marchés financiers after they determined that Lacroix no longer had the integrity required to act as a security adviser for the Norbourg family of funds under the Québec Securities Act.

The executive director of the NBSC, Rick Hancox, determined that the suspension by Quebec was sufficient evidence of a breach by Lacroix to be considered prejudicial to the public interest and affect his fitness for registration in New Brunswick. In a letter to Lacroix, he noted, “It is your right to make representations to me as to why your suspension under New Brunswick securities laws should not occur. If you determine that you do not wish to participate in the hearing your suspension will remain in effect until such time as it is reinstated.”

The NBSC noted that it is aware of the situation with Norbourg in Quebec and has a review underway to determine any impact in New Brunswick.