The Autorité des marchés financiers claims that head of the failed fund firm Norbourg, Vincent Lacroix, attempted to bribe one of its employees. It says that this attempt was unsuccessful, nevertheless, several employees have been disciplined as a result.

The AMF says that following an internal investigation it has conducted in the past few months, the AMF concluded that AMF employees were in contact with certain members of Norbourg management, including Lacroix. “The internal investigation has established that the president of Norbourg, Mr. Lacroix, set up a ploy with the assistance of his staff in an attempt to bribe an AMF employee,” it alleges. This allegation has not been proven.

The regulator says that the employee in question categorically refused any offers made by Lacroix.

“Based on its internal investigation, the AMF was able to conclude that neither its integrity nor its ability to conduct a comprehensive and independent investigation was compromised,” it says.

“Although a few AMF employees did in fact have contacts with a Norbourg employee, no information concerning the investigation was relayed. None of the employees concerned are assigned to the Norbourg matter.”

“Nonetheless, the AMF has concluded that some employees were careless and displayed a lack of judgment,” the regulator allows. As a result, disciplinary sanctions have been imposed, and eight employees have been suspended for periods varying from five days to three months, the AMF reports. “These sanctions highlight the importance of remaining independent vis-à-vis firms and representatives subject to AMF oversight.”

The AMF says it believes that the conduct of its employees must be above reproach, given the role they play in overseeing the financial markets, and that it is taking steps to ensure that such situations are avoided in the future. It says that activities intended to enhance awareness in this regard are being planned.

“Finally, the AMF wishes to stress that, despite the many attempts at distraction and interference, it continues to make every effort to protect the interests of defrauded investors. It remains tireless in its efforts to maximize the funds recovered on their behalf,” it says.

The AMF also indicates that it, “considers this attempt at corrupting one of its employees to be a serious matter”, and it says it will be transferring its file to the RCMP’s Integrated Market Enforcement Team. “The AMF is co-operating fully in the investigation being conducted by the IMET,” it adds.