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Quebec holds out hope for Norbourg investors

Acting out of "compassion" for investors it says were "swindled," the Quebec government will give them all the taxes owing that it recovers from former Norbourg Asset Management Inc. president Vincent Lacroix, who faces charges of fraud, falsifying documents and misappropriation of funds. According to Quebec Minister of Revenue Lawrence Bergman, investors who lost millions in Mr. Lacroix's mutual fund group can expect to receive $24-million of the back taxes owed to Quebec by Mr. Lacroix. Two weeks ago, Mr. Justice Robert Mongeon of the Quebec Superior Court declared Mr. Lacroix bankrupt and ordered his assets seized. Judge Mongeon estimated Mr. Lacroix's assets at about $37-million. The province's securities regulator froze Norbourg's assets last summer after launching a probe into an alleged misappropriation of $130-million.

© 2007 The Globe and Mail. All rights reserved.

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