Norbourg's ex-CEO gets jail sentence reduced

A Quebec court has reduced Norbourg founder Vincent Lacroix's jail sentence by 42 months from the original 12 years he was given in January.

The former CEO of the Montreal-based Norbourg investment fund was found guilty in December 2007 of taking $115 million from the fund for his personal use.

Quebec Superior Court Judge André Vincent on Tuesday decided the original sentence was too harsh.

But he confirmed that Lacroix must pay the original $255,000 fine.

Lacroix had appealed his sentence.

In 2006, the RCMP arrested Lacroix and charged him with 51 counts of violating securities laws after his company was investigated by Quebec's financial market regulator, the Autorité des marchés financiers.

Norbourg investors, clients and affiliated companies lost about $130 million of some $205 million placed with the investment firm.