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AMF might appeal reduced sentence for Norbourg founder

Date: Thursday, July 10, 2008
Author: James Langton, Investment Executive

Sentence against Lacroix trimmed to 8 1/2 years.

The Autorité des marchés financiers says it might appeal a judge’s decision to reduce the sentence handed down to the founder of defunct fund firm Norbourg.

The AMF reports that Québec Superior Court Judge André Vincent has reduced the sentence imposed on Norbourg founder Vincent Lacroix from 12 years less a day to 8 1/2 years. The AMF says it argued in favour of maintaining the sentence and is currently considering an appeal before the Québec Court of Appeal.

In his ruling, Judge Vincent maintained the principle of consecutive sentences but did not apply it to all of Lacroix’s convictions, the AMF notes. On December 11, 2007, Judge Claude Leblond found Lacroix guilty on the 51 charges brought against him by the AMF.

“Protecting the interests of the victims in this matter continues to be the AMF’s priority, the regulator said, adding that it hopes to be able to carry on with a suit on behalf of defrauded investors.