Canadian Exec Draws 12-Year Term In $115M Fraud

Law360, New York (January 30, 2008, 12:00 AM EST) -- The founder of a fallen mutual fund firm was reportedly handed 12 years in jail on Wednesday after a Quebec judge found him guilty of rigging a scheme to defraud investors by hundreds of millions of dollars.

Vincent Lacroix, the founder of now defunct Norbourg Asset Management, was found guilty on 51 counts of securities fraud and slapped with a $255,000 penalty for his role in the scheme, which cost 9,200 Quebec investors $130 million, the Canadian newspaper National Post reported.

U.S. and Canadian dollars are...
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