July 8, 2008 Decisions and Freeze and cease trade orders Securities

Montréal – Québec Superior Court Judge André Vincent has reduced the sentence imposed on Vincent Lacroix from 12 years less a day to 8 1/2 years. The Autorité des marchés financiers (AMF) 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 Vincent Lacroix's convictions.

Protecting the interests of the victims in this matter continues to be the AMF's priority. It therefore hopes to be able to carry on with a suit on behalf of defrauded investors. The suit would enable investors to eliminate legal fees, save time and benefit from expertise.

On December 11, 2007, Judge Claude Leblond found Vincent Lacroix guilty on the 51 charges brought against him by the AMF on March 9, 2006. In January 2008, the Judge ordered him to serve a sentence of 12 years less a day.

The ruling handed down by Judge André Vincent is available on the AMF website, under Current Issues/Norbourg.

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

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Information:

Media only:
Frédéric Alberro (514) 940-2176

Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337

Additional news

• February 16, 2011 Norbourg Class Action - Final Agreement Reached
• January 19, 2011 Norbourg Class Action - Agreement in Principle Reached Between Parties
• October 20, 2009 Norbourg - Consecutive prison terms - AMF seeks hearing before Supreme Court
• August 21, 2009 Prison term against Vincent Lacroix reduced to 5 years less one day : AMF carefully reviewing court of appeal decision
• August 7, 2008 Norbourg - AMF to appeal reduced sentence for Vincent Lacroix
• July 7, 2008 AMF seeks over $31M against parties involved in distribution of Norbourg funds
• January 28, 2008 Vincent Lacroix sentenced to 12 years less one day
• December 11, 2007 Vincent Lacroix guilty of 51 charges - AMF satisfied with decision
• January 18, 2007 Norbourg - AMF to provide some $31 million in compensation
• October 13, 2006 La Presse article regarding Norbourg - AMF sets the record straight
• July 6, 2006 Norbourg - AMF to seek dismissal of motion for authorization of class action by representatives
• June 8, 2006 Motion for Authorization in Norbourg Affairs - AMF argues it fulfilled its obligations and stresses desire to unite recourses
• June 5, 2006 Norbourg: AMF seeks to unite recourses for benefit of investors
• May 24, 2006 Norbourg - Investor Protection Association Supports Recourse Launched by AMF
• April 26, 2006 Norbourg - Superior Court disqualifies class action attorneys
• March 31, 2006 Norbourg Matter - AMF seeks disqualification of class action attorneys
• March 22, 2006 Vincent Lacroix attempted to bribe AMF employee - AMF completes internal investigation and looks for criminal proceedings
• March 10, 2006 AMF files charges against Vincent Lacroix
• February 2, 2006 Norbourg Matter - Lacroix's motion regarding living expenses and professional fees dismissed
• December 19, 2005 Norbourg Affair - Claims to the Fonds d'indemnisation
• October 24, 2005 Norbourg - AMF launches suit for benefit of investors
• October 18, 2005 Bankruptcy petition against Vincent Lacroix - AMF protecting interests of investors
• October 14, 2005 Norbourg Bankruptcy - AMF to continue to defend investors
• October 12, 2005 AMF opposes motion filed by Vincent Lacroix
• September 30, 2005 AMF seeks to wind up Norbourg
• September 12, 2005 Ernst & Young - Letter to unitholders of Norbourg mutual funds and Evolution mutual funds
• August 30, 2005 Freeze order on shares held by Lacroix in Dianor Resources
• August 25, 2005 Norbourg ordered to cease activities; Assets frozen