By The Book:

(January 29, 2008) The former president of Norbourg Asset Management has been sentenced to 12 years less a day in prison for his role in the collapse of the company.

Vincent Lacroix was found guilty of fraud for transferring $115 million of investor capital into accounts he or his family controlled. About 9,200 investors were affected by his actions.

When he was first found guilty in December 2007, Lacroix told the Quebec Court that he was a victim of his own immaturity and problems with alcohol.

Quebec’s securities regulator, l’Autorité des marchés financiers, had sought a 15-year sentence, but the 12-year term is still regarded as a victory by AMF chair Jean St-Gelais, who called the sentence “a breakthrough.”

Lacroix is challenging his conviction.

(01/29/08)

Staff

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