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Mutual Fund News

Regulator to oppose efforts to unlock Norbourg funds

Quebec's financial services regulator said yesterday it will oppose attempts by the founder and owner of Norbourg Asset Management Inc. to unlock some funds he says are his. Norbourg's assets were frozen after the L'Autorité des marchés financiers (AMF) announced in August the mutual fund company was under investigation for allegedly defrauding investors of more than $130-million. Founder Vincent Lacroix filed a motion before a revision bureau overseeing the financial regulator to overturn a freeze order on $1.5-million of funds. Mr. Lacroix argued the funds are his and he needs them to provide for his family. CP

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