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Norbourg founder fights against regulator's search warrants

Canadian Press

MONTREAL -- The embattled founder of Norbourg Asset Management Inc. is trying to strike down search warrants carried out by Quebec's financial regulator in August.

Vincent Lacroix will seek to have documents that the Autorité des marchés financiers seized from the offices of KPMG Inc., Norbourg's auditor, returned.

According to court documents, he maintains that the seized files were protected by professional privilege and that the search warrant process was "marked with irregularities."

The court documents indicate he is willing to take his case all the way to the Supreme Court of Canada.

Lawyers from KPMG, which is handling the liquidation of the Evolution family of mutual funds, are also challenging the search.

The province's financial authority says it needs the documents for its investigation into the alleged misappropriation of $130-million at the mutual fund company.

© 2007 The Globe and Mail. All rights reserved.

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