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Mutual Fund News

Former Norbourg president to fight bankruptcy ruling

Former Norbourg Asset Management Inc. president Vincent Lacroix said he will appeal a judge's decision yesterday to declare him bankrupt and have his assets seized. Quebec Superior Court Justice Robert Mongeon accused Mr. Lacroix of stealing from investors, using the mutual fund group to launder money, and defrauding the provincial Revenue Department and others with false declarations and financial statements. Judge Mongeon concluded that a best-case scenario would see Mr. Lacroix's assets total $37-million, compared with the $60-million being sought by creditors.

Yesterday, Mr. Lacroix pleaded his innocence and said he will definitely appeal Judge Mongeon's ruling. CP

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