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| From the Regulators |
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RCMP arrest six in Norbourg fraud case, including ex-CEO
Thursday, June 19, 2008
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Royal Canadian Mounted Police have arrested six people in connection with the massive Norbourg securities scandal, including former CEO Vincent Lacroix, who is already serving jail time for related fraud.
The five other suspects arrested Wednesday morning were: Félicien Souka, 37; Serge Beugré, 43; Jean Cholette, 45; Rémi Deschambault, 57; and Jean Renaud, 40, a high-level bureaucrat in Quebec's Finance Department.
The six men face a total of 922 criminal charges, including conspiracy to commit fraud, conspiracy to fabricate false documents, fabricating false documents, fraud and money laundering.
All of the accused except for Lacroix were released on bail with a promise to return to court in September, when they will face a single jury trial. The former Norbourg president will continue to serve his prison sentence for violating the Quebec Securities Act.
The alleged crimes were committed in the greater Montreal area between September 2002 and August 2005.
It's the first time criminal charges have been laid in connection with the scandal.
Lacroix, who has already been found guilty of violating Quebec's Securities Act on 51 fraud charges related to the Norbourg scam, was sentenced this winter to 12 years minus a day in prison.
More than 9,000 investors were defrauded of a total of $115 million when Lacroix made a series of illegal transactions through the investment house.
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