Vincent Lacroix thief Where has he hidden your money?
The latest revelations about the carelessness AMF unbecoming Quebecers but more victims Lacroix.
Vincent Lacroix is looking for investors
The authorities have been notifiedseveraltimes that in Norbourg, it was money laundering and that the president was using the funds as a personal piggy bank. Read the scoop of Finance and Investment, one wonders whether to the time, some have not been paid for cloggingeyes and ears! Can we be innocently as incompetent?
When Vincent Lacroix recovers itsfreedom,one wonders if he will not rush on the heels of his loot.But you it was really a?
Last year at this time, I published in this blog my analysis of the supposed hidden Jackpot Vincent Lacroix. I present this text again, first because it is still in the news and secondly, I worked hard and I think you failed to read it! For a long time, I have my own ideas about the hiding place of the remaining assets ofNorbourg.Well, today is that I commit. From the outset, I must admit, I do not believe that the hoard is so big. He is modest and more, some would be unrecoverable. Poor Vinny!
Lacroix Where did you hide my money?
Before we go into the thick of it, I should admit that the majority of expenses are explained. It was known, millions were flamed to feed the lifestyle of princely Vinny. Analysis of questionable disbursements and transfers Lacroix proves that he had funCentre.
Lodge at the Bell $ 191,000 a year, $ 29,000 in Paré, $ 233,000 in the restaurant at Grand Café, at $ 47,000 strip club Embassy of Switzerland, $ 78,000 to Ms. Rosita Ivanovna (same bar), Lear Jet rental for holidays, diamond necklace $ 30,000 to self ...
etc.are recoverable
It seems to me quite likely that the majority of aggrieved investors can recover almost all of their savings. Follow me. 115 million was misappropriated funds. A good portion of money was injected into the operations of Norbourg and lost salaries, office expenses and King whims. Another important part was used to buy houses with relatives and associates. The value of these assets can not be estimated as up. For the purposes of the exercise, I would consider them only at cost because of trustee fees, maintenance and brokerage could reduce profit. Over 12 million should be recovered.
The biggest surprise is the investment side. Lacroix has made some not comply with the mandates of its fund investments. Among these are shavings, Hockey Sport DLL, Zip Jeans, the Grand Café ... and Dianor! Ernst & Young has managed to extort $ 12 million and another important gain is not ruled out. 8% of the assets of this exploratory diamond under his control (10.5 million shares). At 27 cents per share, it remains at least $ 2.8 million in reserve. I estimated 20 million recoverable amount of the various investments.
Shortly before the collapse of Norbourg, under the good advice of the official Jean Renaud, Lacroix made a voluntary tax return 28 million and 10.8 million were paid toadvance.The Quebec government has already announced that the sums involved will be returned to investors.
Then be added loans, purchases of loans to clients and financial advisors who "encouraged" the Norbourg family. The AMF already has the names and contact information of various providers of thanks for "services rendered". In most cases, the advisers who have given their customers have done to conditions defying all logic sometimes at prices in excess of 25 to 200%, the amounts commonly offered by the market. I even know a counselor from the Quebec City area who sold his clients $ 250,000 to Lacroix, August 24, 2005. They were going to the notary on the 25th, but the police raid was aborted sale. The counselor has kept the amount AND its customers. For its many cases "DOUBTFUL" I believe that the trustee can recover easily almost half, or 4 million.
The CDP and Desjardins must repay 13 million
Rereading the many reports on the sale of Teraxis and funds Evolution is s 'realizes she was settled in accelerated. After the refusal of Dundee offers and Standard Life in 2003 Teraxis negotiated with Norbourg. Advisor specialized magazine revealed in its June 2006 issue that normal deadlines have been reduced following the executive policy interventions. The role of the former president of the Caisse de dépôt et placement du Québec, Jean-Claude Scraire is somewhat unclear.
Among the payments to consultants, the trustee has recovered payments of
$ 43,000 to his firm Strategies JCS without justification .... It is also common knowledge that Mr. Scraire was about to become a member of the Board of Norbourg. These facts and others lead me to think that the COP must repay the investors from the sale of Teraxis and funds Evolution, or 10.4 million. Until a survey demonstrating beyond doubt that no conflict of interest or political influence has facilitated the sale of Norbourg, appearances play against the CDP.
Many cautious investors were convinced to trust Norbourg to as the Caisse de Depot gave him the keys. After all, it is the family, he is a former employee. Then Lacroix confided be regularly manager for a division of Desjardins Group. It was true.
It was shown and specified by Vincent Lacroix himself that the placement of the Opvest division of Desjardins in the administration of Norbourg has been squandered or lost in bad financial paris. In 2004, before the flood of disturbing rumors paired with bragging Lacroix on his contract with Desjardins (supposed to be confidential), Opvest bought his investment. Lacroix added to 2.8 million in a purely arbitrary as interest payment. Desjardins refuses to make 22.8 million.
It is not a charity claims it to you. No, but it has served as a moral surety and co-operative and mutual help that's a great opportunity to validate their pompous slogan "this is not a bank." It resumes its 20 million, it is understandable to the limit ... but interest "fictitious 2.8 million are totally unjustifiable and must be repaid!
In short, the total amount recoverable is important, the deficit of 115 million, 75 million are recoverable. 31 million have already been Pigés in the pockets of all financial advisors in the province by the compensation fund.The AMF therefore underway in the handle 9 million! With the amount of lawsuits and the quality of the evidence, it will reap at least five times that amount! It is understood that if the Quebec government injects are missing, the AMF may refund within 36 to 60 months.
The slopes oflittle nest egg
theforensic Guylaine Leclerc was the first spoke of money laundering in the case of Norbourg. At the trial of Vincent Lacroix, Ms. Leclerc demonstrated with aplomb than 26 bank accounts used by transactions nonsensical served only to drown the traces and then bring the money in the business or in the pockets of leader to take legitimate air.
Unlike the usual cases, tax havens have fairly been spared in his schemes. But the will tocover their tracks is easily identified. He has kept hidden or you share some? No doubt, but after several juxtaposed pieces of the puzzle, I conclude that there is less that would be brought to think.
In the early 2000s, Norbourg had activities in Switzerland. His numerous trips evidencing its ambition to establish a European subsidiary. Lacroix was a director of Cybel andEurobourg.It was one of those who advised the pension funds of teachers Valais County (PERC). Finger was pointed at his poor stewardship partially melting of 112 million Swiss francs. Secretcommissions were finally uncovered and Quebecers marched in the local press. The all ended fishtail and tarnished the reputation of Norbourg Helvetian soil. In 2005, they had no choice but to close the doors.
We tracked down two deposits totaling $ 200,000 paid to the Cantonal Bank of Fribourg. Not enough to make a pasha of retirement.
In any analysis of theMFA,there are 3 positions in which I consider Lacroix was able to use for "expatriate" a nest egg. Miscellaneous expenses totaling 6.8 million, deposits in accounts Trusts lawyers and notaries: 4 million and more suspicious, payments made to unknown beneficiaries: 5.4 million. So we are in front of a "possible" jackpot of over 16million.I personally believe that the truth lies somewhere in the middle. 8000000 ... may have been directed in Switzerland or the Bahamas ... or better, wisely invested in a Canadian bank!
Among the consultants "suspicious",we find Martin Tremblay Dominion Investments. $ 534,000 was paid to his firm for research and business development !!! It is expensive long distance! Tremblay languishing in a US prison for money laundering. So it will be difficult to make withdrawals.
Another anomaly, May 26, 2005, 2 million went to Northern Trust International Norbourg then in the trust account of attorney Robert Hindle. Mr. Hindle said to have transferred the amount in fundsBahamas (later identified as belonging to Ivest and Focus) on the orders of Lacroix. Assertion denied by the principal applicant. The funny? If the 2 million was transferred to the discomfiture of Lacroix is explained because his criminal charges in addition, the fact that theseoffshore funds just planted, assets evaporated and ... administratorson the run.
The Montreal Triglobal financial group and its president, Themis Papadopoulos, 263 were prosecuted for $ 966.67 from a patient unable to recover an investment in the fund offshore Focus Management, Cayman Islands.
Client Triglobal since 1996, Joan Horn of Westmount, claims to have invested in Focus for the first time in 2001 on the recommendation of Mr. Papadopoulos. 
His most recent investment was due to expire in 2007, says Ms. Doan.
She filed her lawsuit in Superior Court on December 18, six days before the funds Triglobal and various related firms are frozen by a court at the request of the Financial Markets Authority (AMF).
Mr. Papadopoulos, his partner Mario Bright, and the founder of Triglobal Joseph Jekkel, are the subject of an AMF investigation, which also addresses Triglobal and its links with at least two funds based in tax havens in the Caribbean , Focus, and Ivest Fund,Bahamas.
Millions of dollars have been invested in these funds that weredistributed illegallyby Papadopoulos and others related to Triglobal, alleges the MFA.
During the holiday season, a court Triglobal placed under guardianship and the Quebec government has appointed the accountant provisional administrator Jean Robillard of the firm, to prevent the firm to close a disorderly manner.
Mr. Robillard of Raymond Chabot Grant Thornton, tried in vain since December 28, contact Mr. Papadopoulos.
Found
According to several sources, Papadopoulos is out of the country.
Wednesday, La Presse Affaires visited the headquarters Triglobal Greene Street in Westmount, where employees are still busy under the tutelage of the provisional administrator.
Mr. Papadopoulos left a desktop containing furniture and a library with empty shelves. Nails, no table or supporting displays are planted in the bare walls.
In its suit, Ms. Doan said she went to see Mr. Papadopoulos at Triglobal in 1996 at the recommendation of friends, when she divorced and needed financial advice to place low-risk $ 250,000 in RRSP she had accumulated for retirement.
In 2001, following the sale of his house, Mr. Papadopoulos suggested that he place $ 220,000 in Focus, which she did. It was in October 2007 that Ms. Doan began to have doubts about the investment in Focus.
According to the lawsuit, Papadopoulos was disturbing statements to Ms. Doan and his son Robert, she had brought with her, during a meeting in Triglobal last October.
Weapons and Drugs
"Mr. Papadopoulos said (...) that the inputs and outflows at Focus Management were blocked by the regulatory authorities of theIslands, Cayman who were investigating a link between Focus and weapons activities firearms and drugs, and that it (Papadopoulos) was working with lawyers to seek the return of the money in a legal way.
"Accordingto the prosecution, Ms. Horn and his son Robert also learned from Mr. Papadopoulos as Focus Management used the money of investors in financial options and derivatives, under the direction of Mr. Papadopoulos partner, Mario Bright. (Both men are joint shareholders of a numbered company that has Triglobal).
Also according to the prosecution, Ms. Doan, who had requested conservative investments, had never been informed that his money was invested in derivatives and options, which are sophisticatedfinancial instruments.
Ms. Doan has not called La Presse Affaires yesterday. But his lawyer, Nicolas Rodrigo, Davies Ward Phillips & Vineberg, said he has no doubt that Mr. Papadopoulos was speaking to her client and his son, but he has no idea if this is true or invented fable.
Lawyers for Mr Papadopoulos, Voula Neofotistos Me and Mr. Patrick Goudreau, McMillan Binch Mendelsohn, have not called The Business Press Wednesday.
Several sources told La Presse Affaires as of other lawsuits for more money could be filed soon.
http://www.majorblog.net/2009/07/03/le-petit-magot-de-norbourg/
Aucun commentaire:
Publier un commentaire