Quebec fraudster gets 13 years

Vincent Lacroix, the Quebec fraudster convicted of swindling 9,200 investors out of $115 million, was sentenced on Friday to 13 years in prison. It’s the stiffest sentence ever meted out for a financial crime in Canada and will keep Lacroix behind bars until at least the end of 2011, when he’ll be able to apply for early release. Lacroix’s legal team had requested the 18 months their client served for Quebec Securities Act infractions be deducted from the sentence, but the judged refused.

The Gazette