Quebec regulator lays 51 charges against Norbourg founder
Last Updated: Friday, March 10, 2006 | 5:46 PM ET
CBC News
L'Autorité des marchés financiers, which has been investigating Norbourg and previously sued Lacroix on behalf of investors, said 24 of the charges relate to false or misleading information and 27 relate to manipulating mutual fund values.
There is a $130-million gap between the amounts Norbourg had on its books and what investigators have been able to find.
Regulators have accused Lacroix of misappropriating money from Norbourg or its funds, a charge he has denied.
Vincent Lacroix
He will plead not guilty to the charges announced Friday, he said on his website.
About 9,200 investors, mostly from Quebec, put money into Norbourg.
"Vincent Lacroix diverted the money of thousands of investors," and is not co-operating, while claiming to be a victim, Jean St-Gelais, head of the authority, said in a news release.
- FROM OCT. 24, 2005: Quebec regulators sue Norbourg's founder for $94 million
- FROM OCT. 13, 2005: Norbourg companies file for bankruptcy protection
The regulator froze Norbourg's assets in August 2005 after it announced that Norbourg and related companies were being investigated.
Norbourg was placed in bankruptcy protection in October, and later that month the authority sued Lacroix for $94 million.
The RCMP is investigating.
The authority's release said it had identified 137 "irregular withdrawals" from Norbourg or related companies between March 2000 and August 2005, totalling more than $115 million.
The charges were laid Thursday in Quebec's provincial court. Each offence carries a maximum penalty of five years less a day in jail or a fine of up to $5 million.
Share Tools
Top News Headlines
- Canadian Pacific strikers face back-to-work legislation
- Labour Minister Lisa Raitt is prepared to end the Canadian Pacific Railway strike if necessary, after both CP and the union rejected a proposal for voluntary arbitration by the government-appointed negotiator on Sunday. Raitt says she is "extremely disappointed." more »
- Syrian regime denies role in Houla massacre
- The UN Security Council condemned the Syrian regime at an emergency meeting Sunday, holding president Bashar al-Assad's military responsible for the massacre of more than 100 people, dozens of whom were children younger than 10 years old. more »
- Ryder Hesjedal wins prestigious Giro d'Italia
- Victoria native Ryder Hesjedal has become the first Canadian to win one of the cycling world's three Grand Tour events, wrapping up the 2012 Giro d'Italia with an excellent performance in the final stage in Milan. more »
- Neighbour may have helped find missing kids in Mexico
- Two Winnipeg children who had been missing for nearly four years were found in Mexico after a man raised concerns about his neighbour, according to a private investigator. more »
Latest Business Headlines
- Bankia asks Spain for €19B
- The board of directors of Spain's troubled bank, Bankia, has asked the Spanish government for €19 billion ($24.5 billion Cdn) in financial support. more »
- EI reforms aim to boost employment, Flaherty says
- Finance Minister Jim Flaherty defended his government's proposals to change employment insurance, saying the aim is to remove "disincentives to employment." more »
- Employment Insurance review boards to be scrapped
- The federal government is scrapping two review boards used by people appealing decisions made about their employment insurance. more »
- Ottawa moves to limit foreign investment reviews
- The federal government is raising to $1 billion the amount of foreign money that can go into a Canadian company before the investment is reviewed. The review has been used in the past to block foreign takeovers of MDA and Potash Corp. more »
Lang & O'Leary Exchange
Markets
| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 11576.47 | 10.4 |
| DOW | 12454.83 | -74.92 |
| NASDAQ | 2837.53 | -1.85 |
| SP 500 | 1317.82 | -2.86 |
| NYSE COMPOSITE | 7534.32 | -18.01 |
| AMEX | 2227.37 | 1.45 |
| TSX-VENTURE | 1309.27 | 26.8 |
The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
Business Features
- Accused in blast that killed Alberta mom handled her funds
- Seniors float above Montreal's Quartier Latin
- Remains found in bag on Cape Breton river ID'd
- Neighbour may have helped find missing kids in Mexico
- Quebec students and province to resume talks
- Lip-dub marriage proposal an internet hit
- Syrian regime denies role in Houla massacre
- B.C. NDP calls for unity in fighting coast guard closure
- Canadian Pacific strikers face back-to-work legislation
