Jury selection for Lacroix fraud trial begins

Jury selection for the criminal trial of disgraced Norboug CEO Vincent Lacroix got underway Monday at the Montreal courthouse.

The former president of Norboug Asset Management faces 198 fraud, conspiracy and money laundering charges for allegedly bilking $115 million from thousands of Quebec investors.

Nearly 1,500 prospective jurors are to appear in front of Quebec Court judge Richard Wagner this week before the final jury is selected.

Prospective jurors will be questioned on their knowledge of Lacroix's case and whether they hold any bias with respect to the case.

Lacroix faces up to 14 years in prison for each criminal charge.

The former financier was found guilty of 51 securities violations in 2007 and was sentenced to 12 years in prison. That sentence was reduced twice on appeal to a total of five years less a day.

Lacroix is currently out on parole after serving more than 40 months for the securities violations. He moved into a halfway house in July.

Five other Norboug employees have also been charged in connection with the securities fraud allegations.