Montreal fraud trial for former Norbourg president Lacroix starts

Forensic accountants hauled boxes of financial documents into court Monday as the trial of former Norbourg investment house president Vincent Lacroix began.

Lacroix faces 51 charges under Quebec securities law which allege he filed 115 false reports with securities regulators. He is alleged to have defrauded 9,200 investors in his company of millions of dollars.

Investigators combed through cheques and deposit slips from Lacroix's 25 bank accounts going back to 2000 as well as records of deposits and withdrawals for Norbourg, forensic accountant Francois Filion told Quebec court.

Investigators had compiled 69 files on the transactions relating to the 51 charges, Filion said.

Lacroix showed little emotion during the proceedings and sat quietly taking notes.

Norbourg's clients and its affiliated companies lost about $130 million of the $205 million placed with Norbourg.