The Autorité des marchés financiers says it is seeking to appeal the court decision reducing the sentence imposed on the founder of failed mutual fund firm Norbourg by 42 months.

On Dec.11, 2007, Judge Claude Leblond found Norbourg founder, Vincent Lacroix, guilty on the 51 charges brought against him by the AMF on March 9, 2006. In January 2008, Leblond ordered Lacroix to serve 12 years less a day.

However on July 8, Quebec Superior Court Judge André Vincent reduced Lacroix’s sentence to 8 and a half years.

The AMF says that it has conducted a thorough analysis of Judge Vincent’s decision and, “in the interest of justice”, decided to launch an appeal. It believes that the initial sentence handed down in January should be upheld.

The AMF believes that the initial decision to impose consecutive sentences for the three sets of charges on which Lacroix was found guilty should be reinstated.

In his decision, Judge Vincent ruled that only two of the three sentences were to be served consecutively.

The regulator says that the motion filed in the Court of Appeal further confirms the AMF’s position that economic crimes are serious and detrimental to society and should be harshly penalized with exemplary sentences for deterrence purposes.