A judge ejected Lacroix’s motion for appeal in a short hearing Tuesday at Quebec Superior Court in Montreal.

The founder and former president of Norbourg Investments was found guilty in December of defrauding more than 9,000 investors, most from Quebec, of $115 million through a series of illegal transactions.

Lacroix has been in prison since January 28 awaiting ruling on two appeal motions contesting his guilty verdict and sentence.

He was ordered to serve 12 years minus a day and pay a $255,000 fine.

A judge will decide whether Lacroix can appeal his sentence on March 28.