Vincent Lacroix, whose now-bankrupt Norbourg Group swindled thousands of Quebecers out of their investments in one of the most high-profile fraud cases in Canadian history, was sentenced to 13 years in prison.
Quebec Superior Court Judge Richard Wagner handed down the punishment Friday in a packed courtroom in Montreal. There was so much interest in the case that a separate room nearby was opened to accommodate people watching on closed circuit monitors.
Prosecutors were recommending a sentence of 14 years. Mr. Lacroix’s defence lawyers had asked for 10 to 12 years. The judge ruled that the time he has already served in prison will not count towards his sentence.
Mr. Lacroix shocked the province last month by pleading guilty to nearly 200 criminal charges, including fraud, conspiracy to commit forgery and money laundering. The plea wiped away the need for a trial, for which jurors were already being selected.
Mr. Lacroix was arrested in August 2005, accused of bilking 9,200 mutual fund investors out of $115-million.
Police investigators have said he did not commit his fraud alone. Criminal charges are also proceeding against several associates.
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