Friday, August 21, 2009

Vincent Lacroix's Jail Sentence Cut In Half

Ex-Norbourg CEO Vincent Lacroix leaves a Montreal court house following his conviction on fraud charges in December 2007. Photograph by: Pierre Obendrauf, Gazette file photo

From The Montreal Gazette:

Disgraced Norbourg CEO swindled $115 million from investors.

MONTREAL – Vincent Lacroix, recognized as Canada's biggest financial fraudster, has had his 12-year jail sentence cut to less than half in a unanimous decision by the Quebec Court of Appeal.

The founder and former CEO of Norbourg Asset Management Inc. was convicted in December 2007 of swindling 9,200 investors in his mutual funds out of $115 million over a five-year period.

Read more ....

My Comment: This was the first Ponzi scheme revealed in Quebec in the past few decades. Instead of maintaining the conviction .... it is cut in half.

Sighhh .... this sends out the wrong message to the victims and to the criminals.

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