Norbourg's Lacroix gets full parole

Former Norbourg Asset Management president Vincent Lacroix, who was convicted in 2007 of defrauding 9,200 investors of $130 million, is getting full parole.

Lacroix, who has been living in a Montreal halfway house since his release on day parole in July will be out on full parole Sept. 27.

The National Parole Board said in a decision released Thursday that it has no reason to believe Lacroix will commit any crime involving violence, however it has imposed certain conditions on Lacroix:

• He is prohibited from holding a job involving finances, or from holding a job placing him in a position of authority.
• He must provide records of his income and expenditures.
• He is prohibited from communicating directly or indirectly with his accused accomplices.
• He must serve four hours of community work per week for at least 12 months.

Lacroix was convicted in December 2007 of 51 securities violations and then sentenced to 12 years in prison, less a day, for defrauding investors. The sentence was later reduced to 8½ years and eventually to five years less a day.

Lacroix is also facing a criminal trial.