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Norbourg founder blames Caisse

Date: Friday, February 16, 2007
Author: Investment Executive Staff

Allegations by Lacroix “completely false”, Caisse says.

The founder of failed mutual fund company Norbourg Asset Management Inc. has alleged that dubious activities by employees at the Caisse de dépôt et placement du Québec were among the events that preceded his company’s demise.

Vincent Lacroix made the allegations in lengthy testimony provided last fall as part of a bankruptcy trustee’s investigation into the disappearance of $130 million of Norbourg investors’ money.

The Caisse said in a statement late Wednesday that the allegations, which have not been tested in court, are “completely false.”

“The information, data and facts gathered or brought to the attention of the Caisse in no manner support the statements made by Mr. Lacroix to the trustee. Mr. Lacroix’s untrue statements regarding the Caisse are merely a repetition of the false information he has been conveying for several months in an attempt to pass himself off as a victim.”

The Caisse also cited statements made last year by Mr. Justice Robert Mongeon, who said in a Superior Court ruling that Lacroix admitted he had stolen from the mutual fund unitholders and that he lied to taxation authorities.

Norbourg was shut down in 2005 over allegations of fraud and embezzlement of company assets. The provincial financial services regulator, the Autorité des marchés financiers, has charged Lacroix under securities legislation with fraud, falsifying documents and misappropriation of funds.

An investigation by the RCMP continues and several lawsuits have been launched.