Lacroix learns sentence Oct. 9

Former Norbourg president Vincent Lacroix will learn his sentence Oct. 9, Quebec Superior Court Justice Richard Wagner said following sentencing arguments Friday.

During his testimony, Lacroix said he's sorry and he's beginning to understand what drove him to become a fraudster.

He pleaded guilty Monday to 200 fraud-related charges for bilking 9,200 investors out of $115 million.

He said that during his time spent behind bars for his conviction on 51 securities violations he worked with a psychologist and a corrections officer on his empathy, and on recognizing the impact of his actions on others.

Lacroix said it may be late but he now understands and regrets the pain and suffering he caused.

During cross-examination he agreed the parole board still describes him as narcissistic and arrogant — a man with a desire for an opulent lifestyle.

'"That's a real manipulator — a real good actor.' — Jean-Guy Houle, Norbourg investor

Lacroix said it's not like a switch you can turn on and off. His recovery will take time.

Lacroix also said he couldn't understand why the $34 million that has been recovered by the trustee overseeing the case has not been returned to his former investors.

He said Quebec's securities regulator publicly lynched him, but he always recognized his guilt and has co-operated with the RCMP and other officials.

He said he had hoped to reach a plea bargain, but failed to do so.

Victims skeptical

Lacroix's testimony did little to appease victims who packed the courtroom to hear his testimony, including Jean-Guy Houle who lost investments of $200,000.

"That's a real manipulator — a real good actor," said Houle. "He doesn't understand how much hurt he's caused to so many families."

Crown prosecutor Serge Brodeur was also skeptical of Lacroix's testimony.

"If he is sincere, [his regret] is very recent," Brodeur said.

"He testifies coldly.... I don't believe him."

Brodeur said it was clear Lacroix's only motive was profit.

The Crown is asking the court to give Lacroix the maximum sentence – 14 years – arguing it is the biggest case of investment fraud in the province's history.

The defence is seeking a 10 to 12 year sentence.

Earlier this week, Lacroix wrote a letter to his victims apologizing for his actions.

On Thursday, Quebec Revenue Minister Robert Dutil announced the government would give $6 million in taxes collected from Norbourg to the company's investors.