Trustee seeks money from former Norbourg associates

Quebec investors who lost money in the Norbourg scandal could recoup some of their savings as a bankruptcy trustee goes to court Thursday in an attempt to extract more than $2.3 million from former business associates of the the failed company's founder, Vincent Lacroix.

Lacroix faces more than 50 securities charges that were laid aftermore than 9,000 Quebec investors were left in the cold when about $130 milliondisappearedfrom the investment fund's books more than a year ago. He declared bankruptcy in May 2006.

The bankruptcy trustee will ask a Quebec Superior court Thursday torecoup money it said Lacroix paid fraudulently to several former business colleagues, including Eric Asselin, Jean Renaud, Denis Robitaille and Serge Beugré and Michel Fragasso.

According to papers filed by the trustee, Fragasso allegedly received $150,000 for his campaign costs while he was a Quebec Liberal candidate during the last federal election.

Quebec's financial regulator froze Norbourg's assets in August 2005 after it launched an investigation into the company.