No legal aid for Norbourg's ex-boss

Quebec businessman Vincent Lacroix will have to pick up the tab for his legal defence as he prepares to go to trialon fraud charges later this spring.

Quebec Judge Claude Leblond ruled Wednesday the former president of Norbourg Investments does not qualify for legal aid because he has enough financial backing from his family.

Lacroix faces 51 fraud-related chargesinvolving $130 million in connection to the collapse of Norbourg 18 months ago. He also faces a class-action lawsuit worth $130 million launched against him by his former clients.

The former head of Norbourg Financial Group applied for legal aid, arguing he has been out of work since he declared personal bankruptcy in May 2006. A Quebec judge already ruled in September he wasn't eligible, but Lacroix appealed his case.

Lacroix's actual personal worth is in dispute— he has denied having any assets or holdings overseas, but is subject to a pending investigation into a multimillion-dollar family trust fund established in the Bahamas months before provincial securities regulators raided Norbourg's Montreal offices.

In his ruling, Leblond said Lacroix's wife is also a source of financing for his legal bills— she works as a pharmacist and owns three homes.

In March 2006, Quebec's financial regulator, the Autorité des marché financiers (AMF) charged Lacroix with 51 counts under the provincial Securities Act, alleging he doctored mutual fund results and forged documents.

The AMF is seeking various fines ranging from $20,000 to $5 million. Lacroix also faces prison time in relation to the charges.

Nine-thousand people who invested in the Montreal-based money management fund lost money when $130 million went missing from the books.

Lacroix's trial is set to begin on May 7.