Montréal – The Autorité des marchés financiers (AMF) has launched a suit in the amount of $31,804,132.21 against the principal parties involved in the distribution of Norbourg funds, namely, Vincent Lacroix, Norbourg Groupe Financier inc., the mutual fund firms Groupe Futur inc. and Norbourg Capital Inc. as well as a number of representatives attached to the firms, namely, Stéphane Bourque, François Cameron, Larry Davidson, Jules Dionne, Richard Duchesneau, Robert Duval, René Joubert, Alain Langlois, Denis Lemieux, Martial Lupien, Jean-François Pilon, Denis Robitaille and Claude St-Amand.

The AMF believes these representatives bore professional responsibility by accepting various incentives and placing their personal interests ahead of client interests in connection with the distribution of Norbourg funds. At one time or another, they received benefits or unexplained and sometimes substantial cash amounts, in addition to their usual compensation or the sale of their assets.

These remedies are available under the Act respecting the distribution of financial products and services for the purpose of recovering, from the parties responsible, all or a portion of the amounts paid to the 886 investors awarded compensation. Any amounts recovered will be earmarked for the financial services compensation fund.

In January 2007, the AMF announced that, based on an analysis of claims it had received, it was able to conclude that fraudulent tactics had been carried out by Vincent Lacroix and Norbourg Groupe Financier inc. through mutual fund brokerage firms Norbourg Capital Inc. and Groupe Futur inc. with respect to the distribution of Norbourg funds. In accordance with its mission, the AMF ruled favourably in the matter of half of the compensation claims that were filed.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.

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