Former head of Norbourg bankrupt

A Quebec judge has declared bankruptcy for Vincent Lacroix, the former head of the Norbourg mutual fund company.

Justice Robert Mongeon of Quebec Superior Court ordered Lacroix's assets seized.

Montreal-based Norbourg was shut down last year after $130 million went missing from the company's books.

About 9,200 investors, mostly from Quebec, put money into Norbourg, and lost millions.

In March, Quebec's top financial regulator laid 51 securities charges against Vincent Lacroix, founder of the investment fund company.

• FROM MARCH 10, 2006: Quebec lays 51 charges against Norbourg founder

L'Autorit des marchs financiers, which has been investigating Norbourg and had previously sued Lacroix on behalf of investors, said 24 of the charges relate to false or misleading information and 27 relate to manipulating mutual fund values.

Regulators have accused Lacroix of misappropriating money from Norbourg or its funds, a charge he has denied.

The charges were laid in Quebec's provincial court. Each offence carries a maximum penalty of five years less a day in jail, or a fine of up to $5 million.