Montréal – The Autorité des marchés financiers (AMF) is opposing the motion filed by lawyers on behalf of Vincent Lacroix before the Bureau de décision et de révision en valeurs mobilières (BDRVM) to overturn a freeze order on funds totalling $1.5 million.

The AMF’s primary goal is to maximize the funds it recovers on behalf of investors. The AMF therefore maintains that any amount granted to Vincent Lacroix will reduce the portion available to investors.

“Inasmuch as the funds being requested may belong to investors who were swindled, the AMF has no choice but to oppose the motion strenuously,” said AMF President and CEO Jean St-Gelais.

It should be noted that the decision to allow or dismiss the motion is up to the BDRVM, and not the AMF.

On September 30, 2005, the AMF requested the winding-up of Norbourg. A hearing on the matter before the BDRVM is scheduled for October 14.

Over the coming days, the AMF will also be exercising a number of recourses intended to recover funds on behalf of investors. In addition, the AMF is pursuing its investigation to determine whether to launch penal proceedings. Because of the substance of the allegations, the AMF is also co-operating with the Integrated Market Enforcement Team (IMET) of Montréal, which has undertaken a criminal investigation in this matter. The purpose of the investigation is to validate the allegations, identify the perpetrators in the matter and determine whether legal proceedings should be launched against them.

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

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