Royal Canadian Mounted Police have arrested six people in connection with the massive Norbourg securities scandal, including former CEO Vincent Lacroix, who is already serving jail time for related fraud.The five other suspects arrested Wednesday morning were: Félicien Souka, 37; Serge Beugré, 43; Jean Cholette, 45; Rémi Deschambault, 57; and Jean Renaud, 40, a high-level […]
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 […]
The former Norbourg Group executive was handed a lengthy jail sentence and a hefty fine
Lacroix fined $255,000
AMF to ask for “exemplary sentence”
Former Norbourg CEO Vincent Lacroix was found guilty of 51 fraud charges in Montreal today.Quebec provincial court Judge Claude Leblond handed down the verdict.Lacroix, the founder of the Montreal-based investment fund, was arrested in 2006 and charged with 51 counts of violating securities laws after his company was investigated by Quebec’s financial market regulator, the […]
No evidence that Fragasso was involved in fraud
Allegations by Lacroix “completely false”, Caisse says
Top priority is to maximize funds distributed to defrauded investors without delay, regulator says
Government-appointed liquidator will return $31.2 million to 5,600 investors