MONTREAL - A Quebec judge has convicted Vincent Lacroix, the former president of Norbourg, of all the 51 charges he faced for defrauding thousands of investors of millions of dollars.
Quebec court Judge Claude Leblond said Tuesday that Lacroix's actions affected 9,200 investors.
Securities officials told his trial that Lacroix made 134 irregular withdrawals totalling $115 million.
Lacroix had no visible reaction when Leblond handed down his verdict.
Outside the courthouse, Lacroix was chased by a pack of reporters as he headed to lunch.
"I won't make any comment until the sentence is handed down,'' he said. "I read the judgment and I will analyze it.''
Asked whether he was surprised or would appeal, he said he had no comment.
Lacroix, who faces a prison term of five years less a day and a fine of $1 million for each of the 51 charges, did not testify at the trial and did not present any witnesses.
The Autorite des marches financiers heard from witnesses who said Lacroix held supreme power at Norbourg and that he had to give his OK on all decisions.
