After years of investigation, RCMP have arrested six people and laid 922 criminal charges in the Norbourg securities fraud case.
Those charges include counts of conspiracy to commit fraud, falsifying documents and money laundering.
Norbourg securities president Vincent Lacroix, who is already serving a 12-years-less-a-day prison sentence, was taken from his jail cell to a court Wednesday and charged with another 200 offences.
Investigators allege he stole $95 million from more than 9,000 clients.
"Basically, what we found out was that some of the money was used to purchase personal belongings, personal investment," claimed RCMP officer Yves Roussel.
Five others were also arrested Wednesday but released on bail. They are scheduled to return to court in September and will be tried before a single jury.
Police allege the five men were crucial in the apparent conspiracy.
"The way the fraud was hidden within the Norbourg books, it needed the help of co-conspirators," said Roussel.
Those arrested include a Norbourg ex-employee, an external auditor, and Jean Renaud, a former bureaucrat with the provincial government in Quebec.
Renaud worked for the Quebec Finance Department but took a leave of absence in 2004 to work for Norbourg, according to investigators. On Wednesday, the finance minister announced that Renaud was fired from his government job.
Renaud had also worked for the International Civil Aviation Authority for the past year, but his contract was set to expire on July 4.
Police said the alleged crimes took place between 2002 and 2005. They also said they want to send a message that they take white-collar crimes seriously.
"The RCMP hopes that the outcome of this operation will help efforts to deter the commission of capital markets fraud offences by increasing the risks for persons who commit these types of serious offences. (They) will be investigated and prosecuted," said Cpl. Luc Bessette.
Lacroix was sentenced late last year to almost a dozen years in prison for previous allegations under the penal code. He is appealing his sentence, which also includes a $255,000 fine.
Norbourg Asset Management Inc. -- a mutual fund company -- was shut down in 2005.
In the Quebec national assembly, Opposition Leader Mario Dumont called for an inquest into the apparent fraud, noting the alleged involvement of Lacroix -- although none of the charges against Lacroix have been proven in court.
"I think governments should make sure, by all means, that we provide a person who is exceptional and who can guarantee honesty," he said.
With reports from CTV Montreal's Rob Lurie, John Grant, and files from The Canadian Press
