Quebec court will hear Norbourg boss sentence appeal in December

The hearing before the appeal court justices will take place on Dec. 18. Written arguments from the Autorite des marches financiers are to be submitted by Oct. 17 and lawyers for Lacroix must state their case in writing no later than Nov. 14, the court said Wednesday.

The securities regulator is objecting to the decision to reduce Lacroix's sentence to eight-and-a-half years from 12 years less a day. Quebec Superior Court Justice Andre Vincent ruled last month the sentence was too long.

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.

The securities regulator is trying to get $31 million from Lacroix to top up the reimbursement fund slated for defrauded investors.

Lacroix is also facing 200 criminal charges in connection with the Norbourg case.

These stem from an RCMP investigation that concluded last month and which extended as far as Switzerland. More than 900 charges were laid against Lacroix and five other people in connection with the massive fraud.