Questions surrounding the efficacy and scope of investor protection provided by the debt-ridden indemnity fund overseen by Quebec’s financial watchdog have surfaced.
Law firms that negotiated Norbourg class action are seeking $11-million.
A couple of weeks after an agreement in principle was reached in the Norbourg class action suit, opening the door for thousands of investors to recover nearly all the money they lost in one of the biggest investment frauds in the country, Quebec’s securities regulator is facing an expensive legal tab.
“Jail sentences do not deter future white-collar crimes. What discourages future white-collar criminals is the fear of getting caught, not the length of sentence,” according to an accounting professor.
Long-awaited criminal proceedings against Vincent Lacroix, the founder of defunct mutual fund company Norbourg Asset Management Inc., are about to proceed.