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1
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THIS FILM IS BASED ON A TRUE STORY
2
00:02:27,940 --> 00:02:32,945
IN MEMORY OF LISA, MARTIN AND CORALIE
3
00:02:54,341 --> 00:02:56,552
- Yes, hello.
- Hello.
4
00:03:14,486 --> 00:03:19,241
I heard back from the Public Curator,
and there's nothing we can do.
5
00:03:19,283 --> 00:03:22,995
You can't invest the girl's inheritance
in an income property.
6
00:03:24,329 --> 00:03:26,915
As the estate's only trustee,
7
00:03:26,957 --> 00:03:30,460
you enter into
a certain category of investor.
8
00:03:30,502 --> 00:03:34,882
They don't think real estate
is safe enough.
9
00:03:36,633 --> 00:03:38,594
Not safe enough?
10
00:03:39,636 --> 00:03:42,639
An income property
is the best possible investment.
11
00:03:43,348 --> 00:03:46,226
If you maintain it properly,
it never loses value.
12
00:03:46,268 --> 00:03:49,897
Sure, but you're not a young man anymore.
13
00:03:50,898 --> 00:03:52,774
There's always a risk.
14
00:03:52,816 --> 00:03:55,986
It's $190,000, Mr. Trudel.
15
00:03:56,028 --> 00:03:59,990
The state wants to ensure the inheritance
is safe and can yield a profit.
16
00:04:01,366 --> 00:04:02,826
Anyway…
17
00:04:03,911 --> 00:04:07,122
a financial investment
won't mean anything to Léa.
18
00:04:08,790 --> 00:04:13,587
I'm as disappointed as you are,
but the authorities won't budge.
19
00:04:16,005 --> 00:04:18,716
If I were you,
I'd invest in a fund,
20
00:04:18,759 --> 00:04:23,138
a stable, trustworthy investment fund
with a strong return.
21
00:04:25,098 --> 00:04:29,019
Hang on. I might have something for you.
22
00:04:40,906 --> 00:04:43,492
The fund was created to ensure
23
00:04:43,534 --> 00:04:47,746
that savings stay in Quebec,
in funds managed here.
24
00:04:47,788 --> 00:04:50,707
There's even a component
called the Quebec Fund
25
00:04:50,749 --> 00:04:53,794
that invests exclusively
in local businesses.
26
00:04:53,836 --> 00:04:57,714
Also, the fund is managed
by the Caisse de dépôt et placement,
27
00:04:57,756 --> 00:05:00,467
so it's 100% safe.
28
00:05:00,509 --> 00:05:01,969
I think it's the best option.
29
00:05:02,010 --> 00:05:04,847
To consolidate your savings
and reduce management fees,
30
00:05:04,888 --> 00:05:06,557
I'd strongly recommend it.
31
00:05:06,598 --> 00:05:08,851
Wait until you see the historical returns.
32
00:05:22,573 --> 00:05:25,784
EVOLUTION FUND
33
00:06:11,330 --> 00:06:12,581
What's his story?
34
00:06:12,623 --> 00:06:15,042
He worked at the Caisse
for a couple years.
35
00:06:15,083 --> 00:06:16,919
$500,000 in Maxima Capital?
36
00:06:16,960 --> 00:06:18,170
MONTREAL, SUMMER 2001
37
00:06:18,212 --> 00:06:20,422
- Where did they get the money?
- No idea. We'll ask him.
38
00:06:20,464 --> 00:06:21,840
His company… I forget the name.
39
00:06:21,882 --> 00:06:22,925
Norbourg.
40
00:06:22,966 --> 00:06:26,762
They just requested approval
for a range of new investment funds.
41
00:06:26,803 --> 00:06:28,096
We'll have to meet him.
42
00:06:28,138 --> 00:06:29,473
QUEBEC SECURITIES COMMISSION
43
00:06:32,851 --> 00:06:34,228
Take care of it, will you?
44
00:06:36,772 --> 00:06:39,775
That's not the issue.
Your project is admissible.
45
00:06:39,816 --> 00:06:42,861
I hope so.
We've been working on it for a year.
46
00:06:44,029 --> 00:06:47,699
The problem is your involvement
with Maxima.
47
00:06:49,201 --> 00:06:53,455
The firm has had multiple irregularities
over the past few years.
48
00:06:53,497 --> 00:06:57,251
I'm sure you can understand
that my boss is getting fed up.
49
00:06:57,918 --> 00:07:02,256
Listen, Mr. Asselin,
we believe in Maxima.
50
00:07:02,965 --> 00:07:04,049
We have a recovery plan.
51
00:07:04,091 --> 00:07:06,635
We're serious about
the acquisition process.
52
00:07:07,970 --> 00:07:11,640
I can see that,
with the loan you gave them.
53
00:07:13,600 --> 00:07:15,477
And where did you get that?
54
00:07:16,061 --> 00:07:19,273
We were pretty surprised
when we saw the amount.
55
00:07:19,314 --> 00:07:22,025
I don't have to reveal
my sources of funding.
56
00:07:22,067 --> 00:07:25,529
I'm not obligated,
and you can't presume it's illegal.
57
00:07:27,197 --> 00:07:31,118
I made some money speculating
on the drop in Nortel stock,
58
00:07:31,159 --> 00:07:32,661
when it was at $160.
59
00:07:32,703 --> 00:07:36,039
And I have friends
who help me in my activities.
60
00:07:37,666 --> 00:07:39,668
I'll need more than that.
61
00:07:43,046 --> 00:07:46,884
So you're telling me
the money Norbourg put into Maxima
62
00:07:46,925 --> 00:07:49,678
will hinder the approval
of our funds, right?
63
00:07:49,720 --> 00:07:51,805
With the $200,000 fine my boss gave them
64
00:07:51,847 --> 00:07:54,183
and the suspension
of most of their leadership,
65
00:07:54,224 --> 00:07:55,893
Maxima is foul ball.
66
00:07:56,602 --> 00:07:59,062
It's two completely different things.
67
00:07:59,104 --> 00:08:02,149
Listen, I'll tell it like it is:
68
00:08:02,191 --> 00:08:05,694
If you don't provide documentation
on the source of funding,
69
00:08:05,736 --> 00:08:09,364
the Commission will refuse
to authorize the Maxima transaction
70
00:08:09,406 --> 00:08:11,533
and your funds won't even be considered.
71
00:08:12,993 --> 00:08:14,453
OK, well…
72
00:08:15,245 --> 00:08:17,372
What am I supposed to do with that?
73
00:08:20,459 --> 00:08:23,712
I'll propose a way to move things along.
74
00:08:25,881 --> 00:08:27,799
Don't buy Maxima,
75
00:08:28,300 --> 00:08:31,220
and maybe I can help you
with the mutual funds.
76
00:08:34,222 --> 00:08:36,475
No guarantee. We'll look into it.
77
00:09:31,280 --> 00:09:35,158
With your preventive leave,
we're at one and a half salaries.
78
00:09:35,200 --> 00:09:38,662
I know, Éric, but we always said
we'd buy before having kids.
79
00:09:38,704 --> 00:09:40,038
I know.
80
00:09:41,623 --> 00:09:45,085
There's room for a baby here.
It's not so bad.
81
00:09:50,632 --> 00:09:53,093
How did he get my number?
82
00:09:53,760 --> 00:09:55,345
Who, your mistress?
83
00:09:56,471 --> 00:09:57,723
Don't start, OK?
84
00:10:00,517 --> 00:10:02,394
Tell him I said hi.
85
00:10:06,857 --> 00:10:10,360
Yeah, I know.
I didn't have time to call you back.
86
00:10:10,402 --> 00:10:12,404
Couldn't it wait till Monday?
87
00:10:12,446 --> 00:10:15,949
I'm running out of time.
The 31st is in ten days.
88
00:10:16,533 --> 00:10:19,286
Yeah, I know what day it is.
89
00:10:20,537 --> 00:10:22,206
As I'm sure you're aware,
90
00:10:22,247 --> 00:10:24,499
we're entitled to a 50% tax credit.
91
00:10:24,541 --> 00:10:27,461
But if the funds aren't registered
by the end of the month,
92
00:10:27,503 --> 00:10:29,213
we're closing shop.
93
00:10:29,796 --> 00:10:31,548
Don't make me cry.
94
00:10:31,590 --> 00:10:35,552
I lost $500,000 because of your issue
with Maxima Capital.
95
00:10:35,594 --> 00:10:39,223
I feel like you could
help me get the funds approved.
96
00:10:39,973 --> 00:10:42,017
I don't owe you anything.
97
00:10:42,976 --> 00:10:44,186
Look, Éric,
98
00:10:45,020 --> 00:10:47,606
I know it means extra work for you.
99
00:10:47,648 --> 00:10:50,567
And I know that work
should be compensated.
100
00:11:08,001 --> 00:11:10,420
How much compensation are we talking about?
101
00:11:11,421 --> 00:11:13,090
What did you mean?
102
00:11:15,133 --> 00:11:16,635
What do you think?
103
00:11:20,931 --> 00:11:22,307
$10,000?
104
00:11:23,350 --> 00:11:24,643
Cash.
105
00:11:34,695 --> 00:11:38,115
Look, I'm going on vacation
down south on Thursday.
106
00:11:38,156 --> 00:11:42,452
I'll give you $5,000 before leaving
and the rest when I get back.
107
00:11:42,494 --> 00:11:44,371
If the funds are approved.
108
00:11:54,548 --> 00:11:58,385
For example, in January '98,
109
00:11:58,427 --> 00:12:00,095
there's a big difference.
110
00:12:01,263 --> 00:12:06,560
And in the CITR financial statements,
there are errors in the trial balance.
111
00:12:06,602 --> 00:12:08,353
Can't you get Josianne to do it?
112
00:12:08,395 --> 00:12:11,398
No, I'd prefer if you did it.
It's not just the summaries.
113
00:12:11,440 --> 00:12:13,483
We'll have to look through the documents.
114
00:12:13,525 --> 00:12:16,361
OK, give me the file.
I'll see what I can do.
115
00:12:16,904 --> 00:12:18,822
Don't look too excited!
116
00:12:18,864 --> 00:12:20,490
It's just so fun.
117
00:12:24,203 --> 00:12:26,997
Réné, you'll finish
the week with Maxima, OK?
118
00:12:27,039 --> 00:12:28,874
I'll send you my research.
119
00:12:55,108 --> 00:12:57,236
INVESTIGATOR
120
00:12:58,904 --> 00:13:01,406
- That stays at the front, guys.
- No problem.
121
00:13:01,448 --> 00:13:04,159
That box goes in the back room with IT.
122
00:13:04,493 --> 00:13:05,577
Vince!
123
00:13:09,414 --> 00:13:11,708
I'll hang my licences here,
124
00:13:11,750 --> 00:13:15,087
and our logo at the entrance
in big letters.
125
00:13:15,128 --> 00:13:17,631
Jesus, how much are
these offices costing you?
126
00:13:17,673 --> 00:13:21,593
That's how it works, Carl.
To get rich, you have to look rich.
127
00:13:22,094 --> 00:13:23,178
Excuse me, Vincent.
128
00:13:23,220 --> 00:13:27,015
I have Éric Asselin, the investigator
from the Commission on the line for you.
129
00:13:27,057 --> 00:13:28,350
It sounds urgent.
130
00:13:30,352 --> 00:13:31,645
I'll take it.
131
00:13:33,021 --> 00:13:34,273
Shut the door, Carl.
132
00:13:34,314 --> 00:13:35,691
Yes.
133
00:13:41,697 --> 00:13:42,948
Hello?
134
00:13:54,626 --> 00:13:56,211
Hey, neighbor!
135
00:13:56,670 --> 00:13:59,298
We're right next door now, corner of Union.
136
00:14:00,090 --> 00:14:01,633
Thanks.
137
00:14:02,968 --> 00:14:06,430
Yeah, business is good.
138
00:14:07,014 --> 00:14:09,016
New downtown offices.
139
00:14:09,683 --> 00:14:11,059
Very good, even.
140
00:14:11,101 --> 00:14:15,063
Desjardins, via the Opvest branch,
gave us a large management mandate.
141
00:14:15,105 --> 00:14:16,648
It's given us a real boost.
142
00:14:16,690 --> 00:14:19,610
Listen, Vincent,
I don't have a lot of time,
143
00:14:19,651 --> 00:14:21,486
and I shouldn't be doing this…
144
00:14:22,321 --> 00:14:24,448
but there's something you should know.
145
00:14:24,990 --> 00:14:29,119
Your little ventures over the past months
have attracted a lot of attention.
146
00:14:29,661 --> 00:14:31,205
We'll be asking for documents,
147
00:14:31,246 --> 00:14:34,833
and I strongly advise you
to answer our questions properly.
148
00:14:34,875 --> 00:14:37,336
We haven't gotten a subpoena or anything.
149
00:14:37,377 --> 00:14:40,464
You could say the investigation
is still unofficial.
150
00:14:41,256 --> 00:14:43,133
My boss called the shot.
151
00:14:44,801 --> 00:14:47,095
Guess who's leading the investigation.
152
00:16:05,799 --> 00:16:08,093
Someone wants to try the car.
153
00:16:28,363 --> 00:16:30,407
Could you pass me the rag?
154
00:16:36,413 --> 00:16:37,956
Thanks.
155
00:16:40,834 --> 00:16:42,294
I'm sorry.
156
00:16:51,970 --> 00:16:56,183
So the serial number you see here
is on each unit,
157
00:16:56,225 --> 00:16:58,310
but often at the back of the machine.
158
00:16:58,352 --> 00:17:01,480
You have to pull it out
to see it, unfortunately.
159
00:17:01,522 --> 00:17:05,025
But if the serial number
doesn't match the one declared,
160
00:17:05,067 --> 00:17:08,862
that means the ATM
has probably been hacked.
161
00:17:08,904 --> 00:17:12,241
So it's important to write down the number.
162
00:17:13,617 --> 00:17:14,701
OK.
163
00:17:16,161 --> 00:17:18,829
We have to be vigilant.
There are a lot.
164
00:17:18,872 --> 00:17:22,416
Right, Guy? How many did we find
in Greater Montreal?
165
00:18:09,548 --> 00:18:12,676
Your guest is waiting at the usual table.
166
00:18:17,639 --> 00:18:19,183
Thank you, Mélissa.
167
00:18:19,683 --> 00:18:20,934
Hello!
168
00:18:26,815 --> 00:18:29,359
We spend our days
talking about you at work.
169
00:18:29,401 --> 00:18:31,570
Might as well talk about you at night.
170
00:18:32,529 --> 00:18:34,615
Not all bad things, I hope.
171
00:18:34,656 --> 00:18:36,325
That's confidential.
172
00:18:38,952 --> 00:18:41,788
But I'm hearing a lot of things.
173
00:18:43,540 --> 00:18:46,251
I even heard you're looking
for a VP of finance.
174
00:18:47,544 --> 00:18:51,173
Oh yeah? You don't miss much.
175
00:18:52,132 --> 00:18:53,175
It's true.
176
00:18:53,217 --> 00:18:55,302
I need a VP of finance
177
00:18:55,344 --> 00:18:58,972
to create Norbourg's securities division,
among other things.
178
00:18:59,014 --> 00:19:02,184
I'd also like to
get into the European game.
179
00:19:03,894 --> 00:19:08,106
Well, listen, I might know someone.
180
00:19:09,024 --> 00:19:11,735
Someone with all the qualifications,
181
00:19:12,361 --> 00:19:15,405
with experience as an investigator
at the Commission.
182
00:19:16,657 --> 00:19:18,116
Interesting…
183
00:19:19,826 --> 00:19:24,873
Such a person could certainly be useful,
184
00:19:24,915 --> 00:19:29,753
if ever the Commission started
sticking their nose in our business.
185
00:19:31,088 --> 00:19:33,131
He knows all about audits.
186
00:19:33,841 --> 00:19:38,428
He was a tax auditor for three years,
and he's been an investigator for four.
187
00:19:39,429 --> 00:19:43,141
This guy could definitely help you.
It'd be easy for him, even.
188
00:19:43,934 --> 00:19:48,564
But… he'll want to be
compensated accordingly.
189
00:19:51,358 --> 00:19:52,442
And…
190
00:19:52,943 --> 00:19:57,072
why does this person want to quit his job?
191
00:19:59,074 --> 00:20:01,159
Vincent, I'll be straight with you.
192
00:20:01,660 --> 00:20:04,454
This person spends his days
looking at your salaries.
193
00:20:05,163 --> 00:20:07,749
He knows how much they make
on the other side.
194
00:20:09,209 --> 00:20:10,627
Well then…
195
00:20:11,670 --> 00:20:14,882
maybe this person and I should meet.
196
00:20:16,425 --> 00:20:18,927
In the meantime, let's drink to his health.
197
00:20:29,730 --> 00:20:31,899
No way we're waiting. Watch.
198
00:20:37,487 --> 00:20:40,032
Good night? Thanks.
199
00:20:48,040 --> 00:20:49,249
How did you swing that?
200
00:20:49,291 --> 00:20:51,835
You know someone
at the Ministry of Finance?
201
00:20:51,877 --> 00:20:54,213
A guy I went to university with.
202
00:20:54,254 --> 00:20:55,506
He approached you?
203
00:20:55,547 --> 00:20:58,842
No, we ran into each other last year
in Quebec City.
204
00:20:58,884 --> 00:21:02,638
I was at the investment trade fair
with my cousin.
205
00:21:03,347 --> 00:21:04,890
I hadn't seen him in a decade.
206
00:21:04,932 --> 00:21:07,142
I didn't even know
he was at the Ministry.
207
00:21:14,358 --> 00:21:16,443
Well, well!
208
00:21:18,654 --> 00:21:20,322
How's it going, chief?
209
00:21:20,364 --> 00:21:22,658
Man! I can't believe it!
210
00:21:22,699 --> 00:21:24,826
Come here. Long time no see, big guy!
211
00:21:24,868 --> 00:21:26,912
- What are you doing here?
- What are you doing here?
212
00:21:27,663 --> 00:21:29,706
Tell you later.
Carl Bilodeau, my cousin.
213
00:21:29,748 --> 00:21:32,626
- I'm Yan.
- Yan Raymond. We went to school together.
214
00:21:32,668 --> 00:21:35,045
- There's a few stories there.
- I can imagine.
215
00:21:36,338 --> 00:21:38,298
You're finding out before anyone.
216
00:21:39,633 --> 00:21:44,513
I'm telling you because promoting
these programs is part of my job.
217
00:21:44,555 --> 00:21:46,890
I'm definitely interested.
218
00:21:47,683 --> 00:21:49,309
I didn't know about that.
219
00:21:50,269 --> 00:21:51,687
No, it's brand new.
220
00:21:52,563 --> 00:21:55,148
"Political will," you might say.
221
00:21:58,902 --> 00:22:03,991
Anyway, there's a huge tax credit
if you start new mutual funds this year.
222
00:22:09,997 --> 00:22:12,124
We crossed paths
a couple times after that.
223
00:22:13,166 --> 00:22:15,210
He came to help us out.
224
00:22:16,670 --> 00:22:18,672
There's money to be made, Vince.
225
00:22:19,381 --> 00:22:22,009
But you gotta know how to get it.
226
00:22:24,511 --> 00:22:25,971
Guess what?
227
00:22:27,556 --> 00:22:29,224
Turns out I know how.
228
00:22:32,311 --> 00:22:35,480
This isn't the best place
to talk about it, though.
229
00:22:37,357 --> 00:22:38,734
How much do you want?
230
00:23:03,926 --> 00:23:08,347
Four or five months later,
we were on the brink of bankruptcy.
231
00:23:12,100 --> 00:23:15,145
Vincent, it just arrived.
232
00:23:20,108 --> 00:23:22,486
It worked? We got it?
233
00:23:23,570 --> 00:23:25,364
We got the tax credit?
234
00:23:27,074 --> 00:23:29,785
One fucking million, from the government!
235
00:23:39,878 --> 00:23:43,507
Yeah. Nice to have old college pals.
236
00:23:43,549 --> 00:23:48,303
It wasn't a gift, though.
More like the other way around.
237
00:24:20,502 --> 00:24:21,712
Thank you.
238
00:24:25,549 --> 00:24:28,594
Where did you get funds before?
239
00:24:28,635 --> 00:24:32,139
We were fucking around
in investment clubs.
240
00:24:32,890 --> 00:24:36,393
You know, it's hard to get started
241
00:24:36,435 --> 00:24:40,439
with no backers or trust fund.
242
00:24:42,399 --> 00:24:44,067
I got fed up.
243
00:24:45,068 --> 00:24:47,279
I switched strategies.
244
00:24:49,615 --> 00:24:52,409
That was about six months ago.
245
00:24:52,451 --> 00:24:55,579
It was Friday afternoon.
I was alone in the office.
246
00:24:55,621 --> 00:24:59,625
I told you about the Desjardins
management mandate, the Opvest funds.
247
00:24:59,666 --> 00:25:01,585
Yeah, the $20 million.
248
00:25:18,519 --> 00:25:21,021
Yes, is this Investpro TD?
249
00:25:22,064 --> 00:25:25,317
Yes, I'd like to make a withdrawal.
250
00:25:27,027 --> 00:25:30,072
Yes, Norbourg, Vincent Lacroix.
I'm the president.
251
00:25:31,573 --> 00:25:34,201
January 11, 1967.
252
00:25:35,661 --> 00:25:40,749
Yes, a $150,000 withdrawal
from the Opvest RT1 account.
253
00:25:42,501 --> 00:25:47,381
Yes, I want to do a simulation
to test a new model.
254
00:25:47,422 --> 00:25:51,260
Sort of a research and development thing.
255
00:25:51,718 --> 00:25:54,555
Just to make sure everything
performs as expected.
256
00:25:55,138 --> 00:25:57,349
I had an ironclad explanation.
257
00:25:57,391 --> 00:26:00,102
I thought I'd have to tell him
my life story.
258
00:26:00,143 --> 00:26:01,520
But not at all.
259
00:26:01,562 --> 00:26:04,481
They transferred the cash,
no questions asked.
260
00:26:06,525 --> 00:26:09,862
Yes, in the National Bank Norbourg account.
261
00:26:09,903 --> 00:26:13,490
The number is… Sorry.
262
00:26:13,532 --> 00:26:17,286
It's 2364292.
263
00:26:17,327 --> 00:26:19,788
Transit: 76451.
264
00:26:23,917 --> 00:26:26,086
No, thank you. That'll be all.
265
00:26:26,128 --> 00:26:27,504
Thank you.
266
00:26:39,725 --> 00:26:41,101
I don't understand.
267
00:26:41,143 --> 00:26:44,479
You deposit the money
in the Norbourg account directly?
268
00:26:45,272 --> 00:26:48,192
No, we put the money back.
No one is the wiser.
269
00:26:48,233 --> 00:26:50,319
It's just to unblock capital.
270
00:26:51,945 --> 00:26:53,197
You know, Éric,
271
00:26:53,238 --> 00:26:57,993
to move forward,
get bigger and stronger,
272
00:26:58,035 --> 00:27:00,454
we have no choice but to gamble.
273
00:27:00,495 --> 00:27:03,665
You put it back
or you're going to put it back?
274
00:27:07,127 --> 00:27:08,670
You shouldn't do that.
275
00:27:10,464 --> 00:27:11,924
What we need…
276
00:27:11,965 --> 00:27:13,842
What we need?
277
00:27:13,884 --> 00:27:16,386
You, what you need.
278
00:27:17,095 --> 00:27:21,850
What you need is some kind of buffer
before depositing the money.
279
00:27:22,226 --> 00:27:23,685
A transit account.
280
00:27:24,186 --> 00:27:26,021
Otherwise, you're too exposed.
281
00:27:27,147 --> 00:27:31,818
Yeah, I know.
We'll have to look into it.
282
00:27:32,402 --> 00:27:36,073
And why Molton Trust as custodian?
283
00:27:36,615 --> 00:27:38,116
Get this:
284
00:27:38,158 --> 00:27:40,077
They have offices in Montreal.
285
00:27:40,118 --> 00:27:42,829
Customer service is in Toronto.
286
00:27:42,871 --> 00:27:47,501
Money transfers and banking operations
are in London,
287
00:27:47,543 --> 00:27:50,879
supervised by the parent company's
back office in Chicago.
288
00:27:50,921 --> 00:27:54,424
It's just about the most complex
organizational chart you can get.
289
00:27:54,842 --> 00:27:56,844
Hey, get your friend, will you?
290
00:28:00,806 --> 00:28:02,474
For financial statements?
291
00:28:02,516 --> 00:28:06,603
That's not a problem.
My accountant is very accommodating.
292
00:28:08,146 --> 00:28:11,400
Come on, Vincent, this is absurd.
Why should I approve this?
293
00:28:11,441 --> 00:28:13,068
Give me one good reason.
294
00:28:14,111 --> 00:28:17,197
I gave you 20,000, Denis, in small bills.
295
00:28:28,834 --> 00:28:30,419
See you soon.
296
00:28:32,045 --> 00:28:33,505
The question now, Éric,
297
00:28:33,547 --> 00:28:37,301
is would you rather hop on the train
and make some cash,
298
00:28:37,342 --> 00:28:40,012
or stay a small-time accountant
making $600 a week
299
00:28:40,053 --> 00:28:41,722
with your nose in our books?
300
00:28:43,348 --> 00:28:45,475
In January, I get my yearly bonus.
301
00:28:48,312 --> 00:28:51,899
After that, make me an offer.
We'll see.
302
00:29:02,701 --> 00:29:04,536
Thank you, Mr. Larrivée.
303
00:29:07,080 --> 00:29:08,248
Listen…
304
00:29:10,834 --> 00:29:14,963
I know my timing isn't great,
but I don't want to waste your time.
305
00:29:16,215 --> 00:29:17,758
I'm handing in my notice.
306
00:29:19,009 --> 00:29:21,053
What are you talking about, Éric?
307
00:29:21,678 --> 00:29:23,722
Sit. Let's talk.
308
00:29:24,556 --> 00:29:27,226
We can discuss your salary and benefits.
309
00:29:27,643 --> 00:29:29,728
I wasn't expecting this at all.
310
00:29:29,770 --> 00:29:30,854
I'm sorry.
311
00:29:31,313 --> 00:29:33,524
It's not you or the team.
312
00:29:34,358 --> 00:29:37,444
I feel like my time here is done.
313
00:29:37,486 --> 00:29:39,154
Come on!
314
00:29:42,199 --> 00:29:44,034
Who are we losing you to?
315
00:29:45,327 --> 00:29:48,789
I don't know yet.
I have a few prospects.
316
00:29:49,957 --> 00:29:52,334
You're kind of leaving us
in the lurch, Éric.
317
00:29:53,335 --> 00:29:57,339
But we can provide references
or letters of recommendation if you need.
318
00:29:57,381 --> 00:29:58,590
No thank you.
319
00:29:59,258 --> 00:30:00,968
That won't be necessary.
320
00:30:25,409 --> 00:30:28,328
Four years? OK.
You're good with the salary?
321
00:30:28,370 --> 00:30:33,041
Yes. But as I told you,
I'm more interested in the bonuses.
322
00:30:33,584 --> 00:30:36,795
Paid cash, when I see fit,
as an undeclared loan.
323
00:30:36,837 --> 00:30:39,006
Yeah, like we discussed.
324
00:30:42,968 --> 00:30:44,845
As for the signing bonus…
325
00:30:44,887 --> 00:30:46,388
$120,000, right?
326
00:30:46,972 --> 00:30:48,140
I'll write you a check.
327
00:30:48,182 --> 00:30:51,852
No, you should transfer the money
to your account,
328
00:30:51,894 --> 00:30:56,064
get a bank draft,
then write a personal check.
329
00:30:56,106 --> 00:30:58,442
Come on, Éric. Toughen up.
330
00:30:58,483 --> 00:31:00,861
You know the situation with Commission.
331
00:31:00,903 --> 00:31:02,946
I told you they're coming down on us.
332
00:31:02,988 --> 00:31:04,031
As you wish.
333
00:31:04,072 --> 00:31:07,576
I don't want my name in the books
with payments like that.
334
00:31:09,536 --> 00:31:11,121
How do I look?
335
00:32:22,901 --> 00:32:24,319
There you have it.
336
00:32:28,448 --> 00:32:31,618
$400,000, just like that?
337
00:32:32,119 --> 00:32:36,081
Just like that.
They never caught on.
338
00:32:36,123 --> 00:32:39,376
And because we write
our clients' account statements…
339
00:32:39,418 --> 00:32:40,878
I don't have to spell it out.
340
00:32:43,964 --> 00:32:47,134
It's the only way we can grow.
I don't see any other options.
341
00:32:48,594 --> 00:32:51,471
Yeah, but you'll have to return the cash.
342
00:32:51,513 --> 00:32:54,933
Of course!
It's all about timing.
343
00:32:54,975 --> 00:32:56,643
It's a poker game.
344
00:33:06,904 --> 00:33:09,615
OK, as most of you are aware,
345
00:33:09,656 --> 00:33:14,661
today, we're officially welcoming
our new VP of finance, Éric Asselin.
346
00:33:15,537 --> 00:33:16,580
Welcome!
347
00:33:18,415 --> 00:33:21,293
Éric will be starting immediately.
348
00:33:21,877 --> 00:33:24,046
So let's raise our glasses. Cheers!
349
00:33:24,087 --> 00:33:26,924
- Cheers!
- Welcome.
350
00:33:27,966 --> 00:33:29,134
Cheers, Éric.
351
00:33:30,677 --> 00:33:32,471
Well, thank you.
352
00:33:32,930 --> 00:33:36,225
Speeches aren't really my thing.
I'll leave that to Vincent.
353
00:33:36,934 --> 00:33:40,395
I just want to say
I'm happy to be here.
354
00:33:42,314 --> 00:33:43,565
Switzerland.
355
00:33:44,191 --> 00:33:48,153
I'd like to take a moment to tell you
about our new resolution for 2002:
356
00:33:48,195 --> 00:33:49,404
Switzerland.
357
00:33:49,446 --> 00:33:52,866
One-third of the world's wealth is there.
358
00:33:53,325 --> 00:33:57,704
An ambitious, growing firm like Norbourg
can't afford to miss out on that market.
359
00:33:57,746 --> 00:34:00,958
So 2002 will be the year of…
360
00:34:00,999 --> 00:34:02,334
Give me a hand.
361
00:34:05,712 --> 00:34:07,464
Eurobourg!
362
00:34:09,757 --> 00:34:11,885
Cheers!
363
00:34:16,473 --> 00:34:18,600
I know just the guy for Switzerland.
364
00:34:19,351 --> 00:34:24,231
He handles between $300 and $400 million,
and he's consul for an African country.
365
00:34:24,773 --> 00:34:26,358
- Oh yeah?
- Yeah.
366
00:34:26,400 --> 00:34:27,985
I went to school with his son.
367
00:34:28,694 --> 00:34:32,947
So why isn't he working for us yet?
368
00:34:53,886 --> 00:34:55,762
Vincent Lacroix…
369
00:35:01,351 --> 00:35:04,062
Our enviable positioning
in the North American market
370
00:35:04,104 --> 00:35:07,524
gives us a clear advantage
over other players.
371
00:35:07,566 --> 00:35:10,569
The acquisition of Tercio Trust
in the short term
372
00:35:10,611 --> 00:35:14,156
would put Eurobourg at the forefront
of the Swiss hedge fund world.
373
00:35:14,198 --> 00:35:18,660
As you see here,
the Tercio team would remain intact,
374
00:35:18,702 --> 00:35:22,164
and the transition to Eurobourg
would happen gradually.
375
00:37:34,505 --> 00:37:35,797
Vince!
376
00:37:39,301 --> 00:37:40,928
Don't send the fax yet!
377
00:37:42,095 --> 00:37:45,265
What are you doing?
That's the confirmation. The fax is sent.
378
00:37:45,307 --> 00:37:48,519
The USS01 account is $300,000 overdrawn.
379
00:37:48,560 --> 00:37:50,979
Fucking hell! You idiot!
380
00:37:51,021 --> 00:37:53,524
Do you know
the Molton Chicago number by heart?
381
00:38:16,964 --> 00:38:19,383
It's the transfer confirmation. Hang up!
382
00:38:22,052 --> 00:38:23,178
It worked.
383
00:38:23,220 --> 00:38:27,266
The account is $654,000 overdrawn now,
and they sent the money anyway.
384
00:38:27,307 --> 00:38:30,561
OK, how much do we have
in ULC02 and USS04?
385
00:38:30,602 --> 00:38:32,396
I'll have to check.
386
00:38:32,437 --> 00:38:33,647
We'll balance it.
387
00:38:58,630 --> 00:39:00,048
Thanks, Brigitte.
388
00:39:02,050 --> 00:39:03,760
You don't understand.
389
00:39:04,553 --> 00:39:07,055
A former colleague
at the Commission just told me
390
00:39:07,097 --> 00:39:09,433
the inspection is this fall, no way out.
391
00:39:09,474 --> 00:39:12,686
We'll just have to
make false bills and reports.
392
00:39:12,728 --> 00:39:14,188
We'll do better than that.
393
00:39:14,688 --> 00:39:16,523
We have to start thinking long-term.
394
00:39:16,565 --> 00:39:19,651
The safest way is to declare revenue
from external companies.
395
00:39:19,693 --> 00:39:22,988
The Tercio Trust subsidiaries
in Switzerland are our best bet.
396
00:39:23,030 --> 00:39:26,200
That's good, Vincent.
We own Tercio.
397
00:39:26,241 --> 00:39:30,621
We control the archives, books
and financial statements from past years.
398
00:39:30,662 --> 00:39:32,998
We all know there's a firewall
for Switzerland.
399
00:39:33,040 --> 00:39:36,084
We twist things right,
it'll be hard for the Commission.
400
00:39:36,126 --> 00:39:38,837
They don't have the jurisdiction
or the staff.
401
00:39:38,879 --> 00:39:40,172
I'll take the lead on this.
402
00:39:40,214 --> 00:39:43,175
I know what they're looking for
and how they work.
403
00:39:43,217 --> 00:39:45,260
I know how they think. Trust me.
404
00:39:45,886 --> 00:39:47,971
So let's get to work.
Serficom is ready?
405
00:39:48,013 --> 00:39:49,473
Yes, it's settled.
406
00:39:50,891 --> 00:39:52,559
We'll need more.
407
00:39:54,186 --> 00:39:57,606
The purchase agreements
for Moulty Bay Holdings and Grace Venture?
408
00:39:58,357 --> 00:40:00,776
No shells or shady offshore dealings.
409
00:40:00,817 --> 00:40:02,819
You give them those,
it opens a breach.
410
00:40:04,613 --> 00:40:07,699
Éric, I'll let you handle it
if you know what you're doing.
411
00:40:07,741 --> 00:40:10,202
Yeah, I'm pretty sure
I know what I'm doing.
412
00:40:11,578 --> 00:40:14,873
I'm also pretty sure we'll need help.
413
00:40:14,915 --> 00:40:18,043
We're taking a massive beating
with the hedge funds.
414
00:40:34,643 --> 00:40:36,186
Hello, hello!
415
00:40:37,688 --> 00:40:39,606
- Welcome to Norbourg.
- Hello.
416
00:40:39,648 --> 00:40:41,942
I'm Vincent, CEO.
417
00:40:42,568 --> 00:40:47,072
Our new vice president-general manager,
Jean-Marie Davila. A big fish.
418
00:40:47,114 --> 00:40:48,490
- Nice to meet you.
- Hello.
419
00:40:48,532 --> 00:40:49,992
Seven years at the Caisse,
420
00:40:50,033 --> 00:40:53,871
three at the FTQ
and two years at BNP Paribas in Paris.
421
00:40:53,912 --> 00:40:57,249
I'm sure we'll have time
to discuss his resumé later.
422
00:40:57,833 --> 00:41:01,044
Would you like a coffee before starting?
423
00:41:01,086 --> 00:41:02,754
Where should we set up?
424
00:41:03,297 --> 00:41:04,673
Follow me.
425
00:41:05,340 --> 00:41:08,927
If you need any documents, just ask,
and we'll get them.
426
00:41:08,969 --> 00:41:12,181
Yes, that's how an inspection
usually works.
427
00:41:12,222 --> 00:41:17,060
And you'll be in familiar territory
with an expert who needs no introduction.
428
00:41:18,187 --> 00:41:20,772
Anne-Marie, Guy…
429
00:41:21,481 --> 00:41:22,608
Ah, René.
430
00:41:25,152 --> 00:41:26,236
Good to see you.
431
00:41:31,116 --> 00:41:34,494
Come on, Éric, do we really have to
do this with you?
432
00:41:44,463 --> 00:41:47,633
Well, why not? Let's do this.
433
00:41:48,383 --> 00:41:50,511
OK, let's start with compliance.
434
00:41:50,552 --> 00:41:53,222
We want to see the company's
organizational chart
435
00:41:53,263 --> 00:41:55,557
and all the certificates of incorporation.
436
00:41:55,974 --> 00:41:58,519
No problem. I'll explain all that to you.
437
00:41:59,353 --> 00:42:00,896
I'm leaving you in good hands.
438
00:42:00,938 --> 00:42:03,357
If you need anything, I'm right next door.
439
00:42:03,398 --> 00:42:04,816
Thank you, Vincent.
440
00:42:07,110 --> 00:42:10,113
This won't work, Éric.
We can't do this.
441
00:42:10,155 --> 00:42:13,325
You're the one that started
the Norbourg investigation.
442
00:42:18,789 --> 00:42:21,333
Why don't you designate
someone else as our contact?
443
00:42:21,375 --> 00:42:22,543
Yeah.
444
00:42:28,799 --> 00:42:32,344
This is the most ridiculous situation
I've ever been in.
445
00:42:32,803 --> 00:42:36,265
Seriously, Éric,
you could have spared us this farce.
446
00:42:36,306 --> 00:42:38,141
We'll start with the parent company?
447
00:42:38,183 --> 00:42:41,562
Yes, we have some questions
about the shareholders.
448
00:42:43,438 --> 00:42:44,940
I'm listening.
449
00:42:47,484 --> 00:42:50,362
The VLX from March 2000 is missing.
450
00:42:51,488 --> 00:42:55,200
How do you explain
the $150,000 difference in amortization?
451
00:42:57,119 --> 00:42:58,453
I don't understand, Éric.
452
00:42:58,495 --> 00:43:02,457
The private management mandates
for Dubrovsky, Ranhold and Robertson
453
00:43:02,499 --> 00:43:06,044
are with a broker who trades
in derivative products.
454
00:43:06,086 --> 00:43:08,380
Is that what you're telling me?
455
00:43:08,797 --> 00:43:12,509
And these amounts here… Thank you.
456
00:43:12,551 --> 00:43:17,055
Why are they in "Vincent Lacroix Advances."
What is that?
457
00:43:17,848 --> 00:43:19,474
Let me have a look.
458
00:43:21,685 --> 00:43:24,521
Yeah, I don't know.
Must be in the archives.
459
00:43:25,939 --> 00:43:30,861
The report must be in my files at home.
I think that's it.
460
00:43:32,696 --> 00:43:36,450
That must be at the accountant's office
in La Prairie, right, Vincent?
461
00:43:36,491 --> 00:43:38,493
That's it. Don't worry.
462
00:43:38,535 --> 00:43:41,747
We'll get you all the documents
by tomorrow.
463
00:43:53,842 --> 00:43:55,177
Have a good evening.
464
00:43:56,136 --> 00:43:57,221
Thanks for coming.
465
00:43:57,262 --> 00:43:58,680
See you tomorrow.
466
00:44:03,977 --> 00:44:05,395
Fuck.
467
00:44:08,899 --> 00:44:10,484
Starting now,
468
00:44:11,485 --> 00:44:13,529
extra entertainment expenses
will be cash.
469
00:44:13,570 --> 00:44:15,906
They're staying out of our books.
Is that clear?
470
00:44:15,948 --> 00:44:18,742
Don't worry.
They don't have anything on us yet.
471
00:44:19,368 --> 00:44:21,578
So, you have the list to produce?
472
00:44:21,620 --> 00:44:25,332
Yeah. Another night shift for us.
473
00:46:00,135 --> 00:46:02,346
- That'll hit the spot.
- Thanks.
474
00:46:15,150 --> 00:46:16,860
It's gonna be fine.
475
00:46:16,902 --> 00:46:18,070
Here we go again.
476
00:46:21,949 --> 00:46:23,200
Welcome back!
477
00:46:23,242 --> 00:46:24,952
- Hello.
- Have a seat.
478
00:46:26,245 --> 00:46:29,998
Today, Éric, I want to
talk about the custodians,
479
00:46:30,040 --> 00:46:34,002
so Investpro TD,
but especially Molton Trust.
480
00:46:34,545 --> 00:46:38,173
We have questions about
the way Molton Trust documents
481
00:46:38,215 --> 00:46:39,716
regarding the funds' value
482
00:46:39,758 --> 00:46:42,219
are sent to Norbourg.
483
00:46:42,261 --> 00:46:45,138
- Oh yeah?
- There seem to be different procedures.
484
00:46:45,180 --> 00:46:48,767
That's because their
Montreal offices closed,
485
00:46:48,809 --> 00:46:51,770
and we changed intermediaries
along the way.
486
00:46:51,812 --> 00:46:54,815
OK, well, we just want
supporting documentation.
487
00:46:55,607 --> 00:46:57,150
For what period?
488
00:46:57,609 --> 00:46:59,403
Today is October 1?
489
00:46:59,444 --> 00:47:04,032
Then the account statements from October 1
for 1999, 2000 and 2001.
490
00:47:05,033 --> 00:47:07,452
OK, we'll get them for you.
491
00:47:07,494 --> 00:47:10,372
So you're gonna bring us a piece of paper?
492
00:47:11,248 --> 00:47:12,541
What will that prove?
493
00:47:12,583 --> 00:47:15,210
There's not much more
we can do, Anne-Marie.
494
00:47:15,252 --> 00:47:17,713
We could find the originals.
495
00:47:17,754 --> 00:47:20,090
But those are in the archives too, right?
496
00:47:20,132 --> 00:47:22,509
Yeah, and we'd need to
search the old database,
497
00:47:22,551 --> 00:47:23,760
and our head IT guy is…
498
00:47:23,802 --> 00:47:26,722
He's been out sick. We know.
499
00:47:40,903 --> 00:47:42,946
Everything OK here?
500
00:47:42,988 --> 00:47:44,198
Yeah, all good.
501
00:47:50,871 --> 00:47:52,372
Come on…
502
00:47:52,414 --> 00:47:54,625
OK, let me see those emails.
503
00:47:54,666 --> 00:47:56,543
OK, which ones do you want to see?
504
00:47:56,585 --> 00:47:58,045
One from Molton Trust.
505
00:47:58,086 --> 00:47:59,671
There are hundreds.
506
00:47:59,713 --> 00:48:02,716
Show me one with an account statement.
507
00:48:07,513 --> 00:48:09,473
Like this one.
508
00:48:10,224 --> 00:48:12,267
That work?
509
00:48:14,853 --> 00:48:16,021
DOWNLOAD ERROR
510
00:48:17,439 --> 00:48:21,693
Yeah. Our servers are having backup issues.
I'll show you another one.
511
00:48:22,277 --> 00:48:24,238
I want to see that one.
512
00:48:24,279 --> 00:48:27,991
OK, but we have IT bugs.
And like I said, our IT guy…
513
00:48:28,033 --> 00:48:31,662
Yeah, bad timing, huh?
Your IT guy is on the brink of death.
514
00:48:31,703 --> 00:48:34,248
Hang on. I'll call him.
Maybe he can help.
515
00:48:44,216 --> 00:48:46,593
UPDATING DATABASE
516
00:48:50,305 --> 00:48:51,723
Hello?
517
00:48:51,765 --> 00:48:54,101
Hi, Richard. How are you?
518
00:48:54,685 --> 00:48:56,019
Feeling better?
519
00:48:56,812 --> 00:48:58,856
I think you have the wrong number.
520
00:48:58,897 --> 00:49:00,023
Give me that!
521
00:49:01,316 --> 00:49:04,194
Jesus! They're still on
the Molton Trust statements?
522
00:49:07,114 --> 00:49:08,240
What year? 2001?
523
00:49:10,868 --> 00:49:11,952
2002?
524
00:49:11,994 --> 00:49:15,539
Listen, I'd really like to know
525
00:49:15,998 --> 00:49:18,125
when you think you'll be back at work.
526
00:49:18,166 --> 00:49:19,459
When?
527
00:49:19,501 --> 00:49:23,672
When? Oh, January? February? March?
528
00:49:23,714 --> 00:49:24,840
Yes.
529
00:49:25,716 --> 00:49:28,760
Write an email with
NTBO account statements for March 2002
530
00:49:28,802 --> 00:49:30,095
with the number we declared.
531
00:49:30,137 --> 00:49:32,014
- Hurry! Go!
- OK, I'm on it.
532
00:49:33,432 --> 00:49:35,267
Let's go, let's go!
533
00:49:39,813 --> 00:49:43,108
For a firm trying to play
in the major leagues,
534
00:49:43,567 --> 00:49:46,486
you guys have serious
organizational issues.
535
00:49:47,029 --> 00:49:51,783
Listen, I think Norbourg
is a victim of its rapid growth.
536
00:49:51,825 --> 00:49:53,911
We work 90 hours a week.
537
00:49:54,578 --> 00:49:57,581
Don't worry. We're hiring new people.
538
00:49:57,623 --> 00:49:59,082
We'll adjust.
539
00:50:01,793 --> 00:50:03,253
OK…
540
00:50:04,379 --> 00:50:08,050
I think we'll have to change our schedule
and come back next week.
541
00:50:08,091 --> 00:50:11,053
There's a lot left to clear up here.
542
00:50:20,604 --> 00:50:21,647
Hello?
543
00:50:21,688 --> 00:50:23,899
Brigitte, it's Éric.
What are they doing?
544
00:50:23,941 --> 00:50:24,983
March!
545
00:50:25,025 --> 00:50:26,151
I got it!
546
00:50:26,193 --> 00:50:29,863
They're leaving,
and they don't look happy.
547
00:50:29,905 --> 00:50:31,240
Hurry!
548
00:50:34,409 --> 00:50:35,786
You're being a bit harsh.
549
00:50:35,827 --> 00:50:38,413
We're acting in good faith.
Let us prove it.
550
00:50:38,455 --> 00:50:40,874
You'll prove it next Monday.
551
00:50:40,916 --> 00:50:45,462
We'll be back with more staff,
and your tech issues better be fixed.
552
00:50:48,131 --> 00:50:49,883
Have a nice day, ma'am.
553
00:50:55,430 --> 00:50:56,849
OK, it's printing!
554
00:50:57,766 --> 00:51:00,644
Come on, come on!
555
00:51:01,186 --> 00:51:02,688
Got it.
556
00:51:08,277 --> 00:51:10,362
Are they gone? Where are they?
557
00:51:11,280 --> 00:51:12,865
Anne-Marie, wait.
558
00:51:14,199 --> 00:51:17,160
We rebooted the entire system,
and it worked.
559
00:51:17,202 --> 00:51:19,955
They told me what email you wanted,
and I printed it.
560
00:51:19,997 --> 00:51:22,958
If you want any others,
just tell me.
561
00:51:23,000 --> 00:51:25,002
Ma'am, it's all pretty standard.
562
00:51:25,043 --> 00:51:27,629
Molton Trust sends statements each month.
563
00:51:27,671 --> 00:51:31,008
We put those numbers
in our account statements to investors.
564
00:51:31,466 --> 00:51:35,137
Obviously, we translate them,
since most of our clients speak French.
565
00:51:39,641 --> 00:51:42,227
OK, well, I know you'll miss us,
566
00:51:42,269 --> 00:51:45,898
but that'll be all for this time.
567
00:51:48,275 --> 00:51:50,277
So you won't be back Monday?
568
00:52:03,207 --> 00:52:05,459
You're the man!
569
00:52:41,119 --> 00:52:44,456
I might have a little marker here.
570
00:52:44,498 --> 00:52:46,416
This one is special.
571
00:52:46,458 --> 00:52:47,876
It's white.
572
00:53:09,773 --> 00:53:11,024
Hello.
573
00:53:11,733 --> 00:53:12,818
Hello.
574
00:53:17,823 --> 00:53:21,785
OK, the markets are open.
Today, we're focusing on Dismatik S.A.
575
00:53:21,827 --> 00:53:23,662
I want that shell, OK? Let's go.
576
00:53:28,125 --> 00:53:30,586
Hey, Vince, there's a chance to get Dagua.
577
00:53:30,627 --> 00:53:32,004
I want to talk to him.
578
00:53:32,880 --> 00:53:34,131
Put him on my line.
579
00:53:34,548 --> 00:53:37,384
I'm transferring him. It's done!
580
00:53:38,844 --> 00:53:42,097
Jean-Luc! I hear you have
something that might interest me.
581
00:53:42,139 --> 00:53:43,182
Yeah.
582
00:53:43,223 --> 00:53:44,391
Talk to me.
583
00:54:07,664 --> 00:54:09,166
Welcome, gentlemen.
584
00:54:16,673 --> 00:54:19,218
The Molton Trust Chicago guys are in town!
585
00:54:19,259 --> 00:54:21,553
We'll show them how we party in Montreal.
586
00:54:45,911 --> 00:54:48,997
Our thorough inspection
found just a few technical infractions.
587
00:54:49,039 --> 00:54:51,083
However, we retain
some noteworthy concerns.
588
00:54:51,124 --> 00:54:56,255
During the inspection, Norbourg's level
of collaboration was suspect.
589
00:55:04,304 --> 00:55:07,516
We cannot state with certainty
590
00:55:07,558 --> 00:55:11,436
that the information provided…
591
00:55:46,054 --> 00:55:47,681
While we lack proof of embezzlement,
592
00:55:47,723 --> 00:55:49,183
we observed several atypical practices:
593
00:55:49,224 --> 00:55:51,602
To explain the millions withdrawn
from accounts managed by Norbourg,
594
00:55:51,643 --> 00:55:54,229
Vincent Lacroix produced an agreement
between himself and Tercio Trust,
595
00:55:54,271 --> 00:55:56,106
essentially allowing him
to draw unlimited advances
596
00:55:56,148 --> 00:55:57,399
on the $30 million entrusted to him.
597
00:55:57,441 --> 00:56:01,195
This unusual practice allows him to
finance his operations using client funds.
598
00:56:03,947 --> 00:56:06,450
It may be worth
investigating Vincent Lacroix.
599
00:56:06,491 --> 00:56:08,035
After extensive examination,
600
00:56:08,076 --> 00:56:11,538
we cannot guarantee statements
by Molton Trust have not been altered.
601
00:56:20,005 --> 00:56:23,967
A LIBERAL MAJORITY
602
00:56:26,386 --> 00:56:28,764
NORBOURG ASSET MANAGEMENT
OFFICIAL INVESTIGATION
603
00:56:47,241 --> 00:56:50,202
TO BE PROCESSED
604
00:56:56,250 --> 00:56:59,086
- They bought Unicyme?
- They buy everything!
605
00:56:59,127 --> 00:57:02,339
The board must have
done their due diligence.
606
00:57:02,381 --> 00:57:03,757
Don't be naïve, Guy!
607
00:57:03,799 --> 00:57:06,969
They've obviously
pulled the wool over their eyes.
608
00:57:07,010 --> 00:57:09,763
How do you think
they're funding these acquisitions?
609
00:57:12,182 --> 00:57:15,185
Yeah, and meanwhile,
we're restructuring,
610
00:57:15,227 --> 00:57:18,063
reorganizing, reengineering,
611
00:57:18,105 --> 00:57:20,148
new offices, new name,
612
00:57:20,190 --> 00:57:22,609
new color of underwear,
for Christ's sake.
613
00:57:22,651 --> 00:57:24,778
It's been months
since a file moved forward.
614
00:57:32,119 --> 00:57:37,499
QUEBEC FINANCIAL INDUSTRY
REGULATORY AGENCY
615
00:57:45,632 --> 00:57:48,677
We're particularly interested
in the Evolution Fund.
616
00:57:48,719 --> 00:57:50,721
It's been for sale for a while.
617
00:57:50,762 --> 00:57:53,473
I'm sure we could make a deal.
618
00:57:54,516 --> 00:57:56,476
We'll look into it, Mr. Lacroix.
619
00:57:57,186 --> 00:58:00,564
But you must know that fund is in deficit.
620
00:58:00,606 --> 00:58:02,858
Yes, we're aware.
621
00:58:02,900 --> 00:58:06,153
That's just it.
I'm guessing buyers aren't lining up.
622
00:58:07,863 --> 00:58:11,241
Mr. Asselin, we'll keep
that information to ourselves.
623
00:58:12,159 --> 00:58:14,161
No problem. We understand.
624
00:58:14,203 --> 00:58:18,874
But this type of acquisition
has sort of become our trademark:
625
00:58:18,916 --> 00:58:22,252
struggling products at a good price.
626
00:58:22,711 --> 00:58:25,380
And with our team's exceptional expertise,
627
00:58:25,422 --> 00:58:28,175
I guarantee we'll turn it
into a success story.
628
00:58:29,968 --> 00:58:33,013
Allow me to present our business plan,
629
00:58:33,055 --> 00:58:37,100
our vision for the future
of the Evolution Fund at Norbourg.
630
00:58:41,188 --> 00:58:44,858
At the Caisse,
there's been changes in policy.
631
00:58:44,900 --> 00:58:49,863
I'd even say a transformation
since the Liberals took power.
632
00:58:49,905 --> 00:58:52,533
We have to sell, and fast.
633
00:58:52,574 --> 00:58:54,952
Before the end of 2003, if possible.
634
00:58:54,993 --> 00:58:58,914
Don't worry, Marcel,
you'll get your bonuses.
635
00:59:02,417 --> 00:59:04,002
I'm counting on you.
636
00:59:04,044 --> 00:59:06,839
With Norbourg, it's a perfect match.
637
00:59:13,929 --> 00:59:16,723
EVOLUTION FUND
638
00:59:41,623 --> 00:59:43,083
Thanks!
639
00:59:57,055 --> 01:00:00,684
The fund's managers
performed exceptionally this year…
640
01:00:13,530 --> 01:00:17,242
Please note the Evolution Fund is now owned
by Norbourg Financial Services.
641
01:00:17,284 --> 01:00:19,161
This will have
no impact on your agreement.
642
01:00:19,203 --> 01:00:20,704
We continue to serve your interests.
643
01:00:20,746 --> 01:00:23,248
Thank you! Just a couple minutes.
644
01:00:24,041 --> 01:00:27,085
Some say that Norbourg is on track
645
01:00:27,127 --> 01:00:30,464
to revolutionize the world
of independent financial advisors.
646
01:00:30,506 --> 01:00:32,716
It's true. We hear it often.
647
01:00:32,758 --> 01:00:36,303
Those working with us know it, right?
648
01:00:37,137 --> 01:00:40,891
And those joining our team
will soon find out.
649
01:00:40,933 --> 01:00:44,478
Norbourg is already revolutionizing
the world of financial advisors.
650
01:00:51,944 --> 01:00:53,904
So to mark the occasion,
651
01:00:53,946 --> 01:00:58,617
I'm offering you all
a bottle of our special Norbourg vintage,
652
01:00:58,659 --> 01:01:01,954
Bordeaux Supérieur appellation,
year 2000!
653
01:01:05,290 --> 01:01:07,751
And I wrote the label myself,
654
01:01:07,793 --> 01:01:10,754
so please allow me to read a few lines.
655
01:01:12,130 --> 01:01:16,760
"Norbourg's highly qualified team,
656
01:01:16,802 --> 01:01:19,721
"specialized and multidisciplinary,
657
01:01:19,763 --> 01:01:22,599
"puts care into meeting
the financial goals and needs
658
01:01:22,641 --> 01:01:24,309
"of its clients and partners
659
01:01:24,893 --> 01:01:27,813
"to produce the best vintage there is…
660
01:01:28,522 --> 01:01:30,440
the creation of capital."
661
01:01:58,177 --> 01:02:01,763
You should come to the benefit dinner
for my election campaign.
662
01:02:01,805 --> 01:02:04,057
AN EXPERIENCED POLITICIAN
FOR A UNITED QUEBEC
663
01:02:06,018 --> 01:02:07,686
I'll do more than that.
664
01:02:08,729 --> 01:02:11,690
Asselin! Asselin! Asselin!
665
01:02:37,799 --> 01:02:40,135
And the Caisse doesn't own it anymore?
666
01:02:40,177 --> 01:02:41,428
No.
667
01:02:42,095 --> 01:02:45,599
They sold it on the sly
to a company called Norbourg.
668
01:02:49,186 --> 01:02:51,188
Paul-Émile…
669
01:02:53,190 --> 01:02:55,150
I don't know how to tell you this.
670
01:02:56,151 --> 01:02:58,028
I'll be honest with you.
671
01:02:59,404 --> 01:03:02,115
I went to a party at their offices,
672
01:03:02,157 --> 01:03:06,370
sort of a big pow-wow to grease the palms
of Evolution Fund brokers.
673
01:03:06,995 --> 01:03:09,039
I didn't like what I saw.
674
01:03:10,457 --> 01:03:15,462
The head of Norbourg, Vincent Lacroix,
I didn't like his face.
675
01:03:16,213 --> 01:03:18,340
He acts like some kind of big shot.
676
01:03:20,968 --> 01:03:23,720
So, if you'll allow me…
677
01:03:24,805 --> 01:03:28,141
I'll make a couple calls
and get your money out of there.
678
01:03:29,977 --> 01:03:34,356
Right now,
there are better funds on the market.
679
01:03:39,820 --> 01:03:46,285
FINANCIAL MARKETS AUTHORITY
680
01:04:10,225 --> 01:04:13,228
Vince, we have to cool it
on the acquisitions.
681
01:04:13,270 --> 01:04:14,563
People are starting to talk.
682
01:04:14,605 --> 01:04:16,648
No, come on.
We can't waste time with that.
683
01:04:16,690 --> 01:04:19,109
Jesus, Vincent, it's nonstop!
684
01:04:19,151 --> 01:04:22,196
We have to keep the hundreds of new reps
from jumping ship.
685
01:04:22,237 --> 01:04:25,157
How you gonna do that?
Parties and hockey games won't cut it.
686
01:04:25,199 --> 01:04:28,243
I have two words for you: Cayo Coco.
687
01:04:28,285 --> 01:04:29,912
A nice little chartered trip!
688
01:04:31,163 --> 01:04:33,248
Come on! You can't be serious.
689
01:04:35,417 --> 01:04:40,339
All-inclusive premium package,
one week at the four-star Costa Azul Club.
690
01:04:41,340 --> 01:04:43,091
That convincing enough for you?
691
01:04:43,133 --> 01:04:44,843
I got a good group deal.
692
01:05:51,243 --> 01:05:52,619
Hello?
693
01:05:53,370 --> 01:05:54,830
Hi, Mr. Trudel?
694
01:05:55,622 --> 01:05:59,209
I looked into the conditions
to withdraw your money,
695
01:05:59,251 --> 01:06:01,587
and it's not standard.
696
01:06:02,379 --> 01:06:06,508
It would cost nearly $15,000
to take out the inheritance.
697
01:06:09,636 --> 01:06:11,847
What do you think we should do?
698
01:06:13,015 --> 01:06:15,184
Well, if you agree,
699
01:06:15,225 --> 01:06:19,188
we can leave the money there for now.
700
01:06:19,605 --> 01:06:24,526
And I'll be sure to keep an eye
on Lacroix and his gang.
701
01:06:29,031 --> 01:06:31,617
If you think that's best,
let's do that.
702
01:06:34,536 --> 01:06:35,913
Thank you.
703
01:06:56,308 --> 01:06:58,435
How are the sunburns?
704
01:06:58,852 --> 01:07:00,896
You'll have to slather me with lotion.
705
01:07:01,772 --> 01:07:05,192
Don't forget your meeting with
the Finance et Investissement journalist.
706
01:07:05,817 --> 01:07:08,820
Shit! I completely forgot.
Is he here?
707
01:07:08,862 --> 01:07:10,656
Yeah, he's at reception.
708
01:07:10,697 --> 01:07:13,408
OK, bring him to the conference room.
709
01:07:16,828 --> 01:07:19,831
We also draw revenue from
our private banking service,
710
01:07:19,873 --> 01:07:23,710
where we have several clients
with portfolios worth over $10 million.
711
01:07:23,752 --> 01:07:27,005
Hedge funds are another source of profit.
712
01:07:27,047 --> 01:07:28,340
Over the past three years,
713
01:07:28,382 --> 01:07:31,635
Desjardins entrusted us
with a major management mandate.
714
01:07:32,553 --> 01:07:34,137
Desjardins…
715
01:07:35,681 --> 01:07:39,268
Let's talk about the Evolution Fund,
a nice acquisition for Norbourg.
716
01:07:39,309 --> 01:07:40,352
Indeed!
717
01:07:40,394 --> 01:07:44,022
The Evolution Fund also had
a positive effect on our profits:
718
01:07:44,064 --> 01:07:46,817
In the first quarter,
we posted a $25,000 profit,
719
01:07:46,859 --> 01:07:50,571
while the previous owner recorded
a $1.2 million loss.
720
01:07:50,612 --> 01:07:52,239
An impressive recovery.
721
01:07:52,281 --> 01:07:56,493
It's because we decided
to manage the fund internally.
722
01:07:56,535 --> 01:07:59,705
Of course, our profits
will continue to increase
723
01:07:59,746 --> 01:08:02,499
when our back-office activities resume.
724
01:08:02,541 --> 01:08:05,794
Yes. Will you have to
stop the asset erosion?
725
01:08:05,836 --> 01:08:10,883
Because in one year, the asset under
management by the Evolution Fund family
726
01:08:10,924 --> 01:08:13,677
went from $109 to $98 million,
727
01:08:13,719 --> 01:08:17,055
according to IFIC statistics
dated April 30.
728
01:08:17,471 --> 01:08:21,602
Yes, but that's normal.
729
01:08:21,643 --> 01:08:25,731
When you make an acquisition like that,
there's always a few it no longer suits,
730
01:08:25,772 --> 01:08:28,317
for all kinds of reasons.
731
01:08:28,901 --> 01:08:31,528
That explains the slight depreciation.
732
01:08:31,944 --> 01:08:35,866
But, Mr. Lacroix, we're not talking
about a slight depreciation.
733
01:08:35,908 --> 01:08:40,912
And I learned that a core group of
Teraxis reps specialized in mutual funds
734
01:08:40,953 --> 01:08:45,125
jumped ship with $40 million in assets
they had under management.
735
01:08:45,167 --> 01:08:50,171
That's true.
A group of representatives did leave.
736
01:08:50,214 --> 01:08:53,759
But that was planned
before we took possession of Teraxis.
737
01:08:53,800 --> 01:08:57,595
They never attended the conference
Norbourg hosted for the advisors.
738
01:08:58,388 --> 01:09:02,725
It must have been another hard hit
when two big names on your board left?
739
01:09:02,768 --> 01:09:05,562
I mean André Villeneuve
and Maurice Levasseur,
740
01:09:05,604 --> 01:09:09,441
replaced by the VP of sales
of a custom countertop company and…
741
01:09:09,483 --> 01:09:12,778
Listen, I had two weeks to file
the regulatory documents,
742
01:09:12,819 --> 01:09:15,197
so I called a few contacts in Magog.
743
01:09:15,238 --> 01:09:16,406
But I assure you…
744
01:09:16,448 --> 01:09:20,077
Mr. Lacroix, those nominations
still violate Article 2.4
745
01:09:20,118 --> 01:09:21,703
of your own code of ethics.
746
01:09:22,246 --> 01:09:24,747
Speaking of your code of ethics, it reads:
747
01:09:24,790 --> 01:09:29,127
"Norbourg managers are forbidden
from acquiring private equity."
748
01:09:29,169 --> 01:09:33,674
Yet, in July 2003, you personally
joined three hedge funds:
749
01:09:33,715 --> 01:09:35,801
Hedgevest-Obligations, Global and…
750
01:09:35,843 --> 01:09:37,301
You're well-informed.
751
01:09:37,886 --> 01:09:41,682
It's true.
I did join a couple private funds.
752
01:09:42,558 --> 01:09:44,643
But I have a seven-figure income.
753
01:09:44,685 --> 01:09:47,020
I need a tax shelter that reflects that.
754
01:09:55,571 --> 01:09:57,155
THE NORBOURG MYSTERY
755
01:09:57,197 --> 01:10:00,826
"I have a seven-figure income.
I need a tax shelter that reflects that."
756
01:10:00,868 --> 01:10:03,120
Jesus, Vince! Why would you say that?
757
01:10:03,161 --> 01:10:04,621
Hey, fuck you!
758
01:10:05,581 --> 01:10:08,542
Like you would have done better.
He took me by surprise.
759
01:10:09,626 --> 01:10:14,423
"Norbourg is a mystery to several observers
in the financial world, competitors,
760
01:10:14,464 --> 01:10:18,177
"and even some of their advisors,
employees and business partners.
761
01:10:18,218 --> 01:10:20,679
How does the firm generate
the revenue needed…"
762
01:10:20,721 --> 01:10:21,889
Enough.
763
01:10:21,930 --> 01:10:23,891
"…for its acquisitions?"
764
01:10:25,017 --> 01:10:26,351
Hello?
765
01:10:28,061 --> 01:10:30,772
Fuck. Yeah, put him on.
I'll take it.
766
01:10:30,814 --> 01:10:32,608
The Desjardins manager.
767
01:10:34,776 --> 01:10:37,696
Hello! Yes, hi.
768
01:10:38,614 --> 01:10:40,616
Yes, we read it.
769
01:10:41,366 --> 01:10:44,578
Listen, that article is full of lies.
770
01:10:44,620 --> 01:10:46,747
I'll defend myself. I was misquoted.
771
01:10:47,873 --> 01:10:49,458
No, don't worry about it.
772
01:10:49,499 --> 01:10:52,586
It's a smear campaign
launched by people who are jealous.
773
01:11:19,363 --> 01:11:22,866
The money comes from
European sources, Switzerland.
774
01:11:23,492 --> 01:11:26,537
Listen, I can show you
the numbers if you want,
775
01:11:26,578 --> 01:11:29,581
but I thought we were operating on trust.
776
01:11:31,542 --> 01:11:33,377
I'm disappointed to see that
777
01:11:33,418 --> 01:11:37,548
that rag was enough
to make you question our collaboration.
778
01:11:38,215 --> 01:11:41,552
You could show us the numbers, Mr. Lacroix.
779
01:11:41,593 --> 01:11:43,637
But that's not the only issue.
780
01:11:43,679 --> 01:11:44,763
Listen…
781
01:11:44,805 --> 01:11:47,850
Anyway, we don't have to justify ourselves.
782
01:11:47,891 --> 01:11:49,685
You said it perfectly, Mr. Lacroix.
783
01:11:49,726 --> 01:11:53,480
Here at Desjardins,
we operate on trust.
784
01:11:53,522 --> 01:11:55,315
When in doubt,
785
01:11:55,357 --> 01:11:58,986
we prefer to withdraw our funds
for the good of our members.
786
01:11:59,027 --> 01:12:02,155
Hang on. I can provide you with…
787
01:12:02,197 --> 01:12:03,991
According to your statements…
788
01:12:04,032 --> 01:12:07,202
And they're your statements,
so they must be true.
789
01:12:07,244 --> 01:12:11,623
We have just over $22.4 million
under management with you.
790
01:12:12,541 --> 01:12:14,334
We'd like that money back.
791
01:12:21,341 --> 01:12:22,759
Martin…
792
01:12:23,760 --> 01:12:26,680
I'll let you work out the terms.
793
01:12:37,191 --> 01:12:39,359
Norbourg, hello! Please hold.
794
01:12:39,818 --> 01:12:42,487
Norbourg, hello! Please hold.
795
01:12:52,039 --> 01:12:55,584
OK, Vincent, I think it's time
you made a voluntary tax disclosure
796
01:12:55,626 --> 01:12:56,960
to calm suspicions.
797
01:12:57,002 --> 01:12:58,545
No, that would prove them right.
798
01:12:58,587 --> 01:13:01,798
It's the only way to clear your name.
Can't you see?
799
01:13:01,840 --> 01:13:06,720
I feel like we should retaliate right away
and go after them.
800
01:13:06,762 --> 01:13:09,848
I agree with Vince.
They have to make a retraction.
801
01:13:09,890 --> 01:13:13,727
Problem is everything they wrote is true.
That's the fucking problem!
802
01:13:19,191 --> 01:13:22,861
Vincent, you have to keep a low profile,
'cause there's something else.
803
01:13:23,278 --> 01:13:24,321
What?
804
01:13:24,363 --> 01:13:28,283
Surprise, my contacts told me the Authority
is still investigating Norbourg.
805
01:13:28,325 --> 01:13:30,244
They won't fucking back down!
806
01:14:15,581 --> 01:14:20,460
Also, I can't be
at the KPMG meeting tomorrow.
807
01:14:22,421 --> 01:14:23,964
Why not?
808
01:14:24,381 --> 01:14:26,466
A little emergency in Beauport.
809
01:14:26,508 --> 01:14:28,135
Davila will fill in for me.
810
01:14:29,469 --> 01:14:31,847
Hey, nice timing.
811
01:14:32,931 --> 01:14:37,102
It's the little consulting firm
I started a couple years ago.
812
01:14:37,144 --> 01:14:39,104
You're fucking me over too?
813
01:14:39,146 --> 01:14:43,358
No, not at all.
I'm not fucking you over.
814
01:14:43,400 --> 01:14:45,360
It's a sideline I'm trying to develop.
815
01:14:45,402 --> 01:14:46,445
A sideline?
816
01:14:46,486 --> 01:14:48,989
You signed an exclusivity deal,
may I remind you.
817
01:14:50,908 --> 01:14:53,911
It's a consulting firm.
It's a whole different game.
818
01:14:54,912 --> 01:14:57,581
Come on, Vince.
You know I'll never run Norbourg.
819
01:14:57,623 --> 01:15:00,167
It's normal that I want to
do my own thing.
820
01:15:03,420 --> 01:15:05,714
I'm gonna be short staffed in mutual funds.
821
01:15:05,756 --> 01:15:09,760
I know. I already approached someone.
Give me a couple days.
822
01:15:29,154 --> 01:15:31,490
What's on the table…
823
01:15:33,784 --> 01:15:37,246
is the position of
VP of compliance, special projects.
824
01:15:39,289 --> 01:15:42,334
That's fifth from the top
in the company hierarchy.
825
01:15:53,637 --> 01:15:56,974
Listen, I don't know what to say.
826
01:15:57,015 --> 01:15:59,434
I might be interested.
827
01:15:59,476 --> 01:16:02,354
I've gone as high as I'm gonna go at work.
828
01:16:02,396 --> 01:16:05,691
Look it over carefully.
There's no rush.
829
01:16:05,732 --> 01:16:07,484
We can answer your questions.
830
01:16:10,946 --> 01:16:14,491
Well, I only have one question for you.
831
01:16:14,533 --> 01:16:15,909
Shoot.
832
01:16:17,494 --> 01:16:19,746
Is Norbourg on the straight and narrow?
833
01:16:20,414 --> 01:16:23,458
I'm gonna be completely
honest with you, Éric,
834
01:16:23,500 --> 01:16:25,586
because I'm hearing all kinds of things.
835
01:16:25,627 --> 01:16:28,297
Those are just rumors, Julien,
and you know it.
836
01:16:29,464 --> 01:16:33,302
A lot of people had a tough time
in the bear market after September 11.
837
01:16:33,343 --> 01:16:36,972
We happened to come out on top.
It happens, right?
838
01:16:37,973 --> 01:16:40,517
They're jealous.
What do you want me to say?
839
01:16:42,144 --> 01:16:45,147
Trust me, you'll have free rein
in your new position.
840
01:17:13,675 --> 01:17:14,801
Yeah?
841
01:17:17,930 --> 01:17:19,223
How's it going?
842
01:17:19,932 --> 01:17:22,518
Getting settled in OK?
843
01:17:22,559 --> 01:17:24,228
Yeah, yeah.
844
01:17:26,438 --> 01:17:29,483
There's a problem here.
845
01:17:29,525 --> 01:17:32,528
I can't seem to reconcile
funds received from clients
846
01:17:32,569 --> 01:17:35,364
with the amounts in investment funds.
847
01:17:35,948 --> 01:17:39,243
Éric, there are no internal procedures.
848
01:17:39,660 --> 01:17:42,120
No control systems.
849
01:17:44,248 --> 01:17:46,166
Well, sort it out, Julien.
850
01:17:46,708 --> 01:17:50,128
Look, I know it's chaotic.
We've grown so much in two years.
851
01:17:50,879 --> 01:17:53,674
Figure something out.
Sorry, I have to go.
852
01:17:54,508 --> 01:17:55,676
But…
853
01:18:00,472 --> 01:18:02,558
Jesus, Vincent.
Don't you answer your cell?
854
01:18:02,599 --> 01:18:03,809
What's going on?
855
01:18:03,851 --> 01:18:06,603
The Authority blocked the MCA transaction.
856
01:18:06,645 --> 01:18:09,773
Fucking hell! The stock exchange
approved it two weeks ago.
857
01:18:09,815 --> 01:18:11,900
I thought it was settled.
858
01:18:13,193 --> 01:18:14,319
Excuse me, Éric, but…
859
01:18:14,361 --> 01:18:16,321
- Give me a minute.
- I really need…
860
01:18:21,076 --> 01:18:22,494
Won't be long.
861
01:18:24,997 --> 01:18:26,123
What did they say?
862
01:18:26,164 --> 01:18:29,543
Nothing. No explanation,
and there's no one to talk to.
863
01:18:30,085 --> 01:18:31,962
Fuck! We look like idiots.
864
01:18:32,713 --> 01:18:34,840
Hang on, Vincent.
865
01:18:35,382 --> 01:18:37,551
We got a subpoena this morning.
866
01:18:42,055 --> 01:18:46,852
They're going to investigate our funding
for the acquisitions of the past few years
867
01:18:46,894 --> 01:18:50,230
and Vincent Lacroix's
personal sources of funding.
868
01:18:53,025 --> 01:18:55,444
Let them try. They won't get me!
869
01:19:00,699 --> 01:19:02,242
There are many advantages.
870
01:19:02,284 --> 01:19:06,580
By choosing mutual funds,
you benefit from professional management.
871
01:19:06,622 --> 01:19:09,583
Here, for example,
a dedicated fund manager
872
01:19:09,625 --> 01:19:13,670
chooses the best investments
and monitors the market for his clients.
873
01:19:13,712 --> 01:19:15,130
He's a natural.
874
01:19:15,172 --> 01:19:18,634
Another advantage is privileged access
to these markets.
875
01:19:18,675 --> 01:19:22,721
Because mutual funds offer clear,
personalized access
876
01:19:22,763 --> 01:19:25,641
tailored to your tolerance for risk.
877
01:19:25,682 --> 01:19:28,101
How's it going
with the voluntary disclosure?
878
01:19:28,143 --> 01:19:30,729
Don't worry about the voluntary disclosure.
879
01:19:30,771 --> 01:19:33,315
There are more pressing matters at hand.
880
01:19:51,291 --> 01:19:52,751
Hi.
881
01:19:57,673 --> 01:19:59,049
Gentlemen…
882
01:20:06,306 --> 01:20:07,683
What's this?
883
01:20:09,101 --> 01:20:11,603
SUMMONS TO APPEAR
884
01:20:12,145 --> 01:20:14,273
You need a lawyer, Éric.
885
01:20:14,731 --> 01:20:17,442
It's nothing.
They always ask the same questions.
886
01:20:17,484 --> 01:20:21,613
Éric, Norbourg's future is at stake.
Get a lawyer.
887
01:20:27,035 --> 01:20:29,204
But don't worry about it.
888
01:20:36,461 --> 01:20:39,882
The lawyer says
there's nothing to worry about.
889
01:20:41,133 --> 01:20:44,845
Obviously, you're not the one testifying.
890
01:20:45,512 --> 01:20:49,766
They didn't have anything before,
but it seems they do now.
891
01:20:59,318 --> 01:21:02,696
Vincent, you know
I'm compromising myself for you.
892
01:21:04,323 --> 01:21:08,744
I'm the one lying under oath here.
893
01:21:09,786 --> 01:21:11,663
What do you mean, lying?
894
01:21:11,705 --> 01:21:12,831
Come on.
895
01:21:12,873 --> 01:21:16,376
Embellishment, omissions,
gaps in memory…
896
01:21:16,418 --> 01:21:18,545
Call it what you want.
897
01:21:21,048 --> 01:21:22,466
Goddammit!
898
01:21:22,508 --> 01:21:25,552
You're not lowering
your handicap this year, huh?
899
01:21:25,594 --> 01:21:28,305
You know my position
is becoming untenable.
900
01:21:32,726 --> 01:21:35,062
I appreciate your loyalty, Éric.
901
01:21:37,648 --> 01:21:40,150
Is there anything I can do for you?
902
01:21:40,776 --> 01:21:45,697
Well, I have my sights set
on a little house in Beauport.
903
01:21:47,324 --> 01:21:49,159
- Oh yeah?
- Yeah.
904
01:21:50,160 --> 01:21:52,162
I'd like to make an offer.
905
01:21:57,334 --> 01:21:59,086
OK, spit it out.
906
01:22:01,588 --> 01:22:06,218
I'll just need a $330,000 check
made out to a notary trust account.
907
01:22:11,265 --> 01:22:14,935
You can pick it up
at Bernier's office Monday.
908
01:22:24,611 --> 01:22:26,530
Asselin, today's interrogation,
909
01:22:26,572 --> 01:22:27,781
held on June 15, 2005,
910
01:22:27,823 --> 01:22:32,119
follows the interrogations
held April 27 and 28, 2005.
911
01:22:32,160 --> 01:22:33,704
You were summoned by a subpoena.
912
01:22:33,745 --> 01:22:36,665
You are entitled to
the same rights and protections.
913
01:22:36,707 --> 01:22:38,041
Do you understand?
914
01:22:38,083 --> 01:22:39,418
I do.
915
01:22:40,836 --> 01:22:43,255
I'm looking at today's agenda,
916
01:22:43,297 --> 01:22:48,010
and orders 13, 14, 32, 40, 65,
917
01:22:48,051 --> 01:22:51,096
83, 84 and 98
918
01:22:51,138 --> 01:22:53,849
were not discussed with my client.
919
01:22:53,891 --> 01:22:55,976
Mr. Asselin is ready to respond to
920
01:22:56,018 --> 01:23:00,731
orders 40, 83 and 84 this morning.
921
01:23:00,772 --> 01:23:04,401
We can agree there are two categories:
922
01:23:04,443 --> 01:23:08,572
those that specifically touch on
documents or information
923
01:23:08,614 --> 01:23:11,033
my client is personally aware of.
924
01:23:11,533 --> 01:23:16,622
The others should be addressed
to Mr. Lacroix or Norbourg.
925
01:23:16,997 --> 01:23:19,833
Where are you going with this?
926
01:23:21,001 --> 01:23:23,921
Well, until now,
we haven't made a distinction.
927
01:23:23,962 --> 01:23:26,173
But I must inform you that my client
928
01:23:26,215 --> 01:23:30,469
will no longer answer questions
relating to these orders.
929
01:23:30,511 --> 01:23:33,597
You should ask Mr. Lacroix these questions.
930
01:23:34,848 --> 01:23:36,642
That's up to your discretion.
931
01:23:37,559 --> 01:23:40,479
Mr. Asselin, I'll ask you to consult
932
01:23:40,521 --> 01:23:44,608
the Norbourg financial statement for 2003.
933
01:24:20,310 --> 01:24:22,813
What other animal can I have in my house?
934
01:24:22,855 --> 01:24:25,274
Maybe chickens?
What sound do chickens make?
935
01:24:26,859 --> 01:24:27,985
They go…
936
01:25:11,904 --> 01:25:16,992
I feel like we've barely spoken
since you met with the Authority.
937
01:25:17,034 --> 01:25:19,036
Yeah, I know. I'm sorry.
938
01:25:19,077 --> 01:25:22,623
I've been busy
with my business in Beauport.
939
01:25:23,123 --> 01:25:25,751
But there's nothing new.
940
01:25:26,126 --> 01:25:29,505
They're asking the same questions
in different ways.
941
01:25:29,546 --> 01:25:30,714
Don't worry about it.
942
01:25:31,590 --> 01:25:36,094
Well, the matter obviously isn't settled,
because I got a summons to appear.
943
01:25:36,136 --> 01:25:37,638
Oh yeah?
944
01:25:38,180 --> 01:25:42,267
Of course, the questions
got more and more specific.
945
01:25:42,309 --> 01:25:44,978
From before my time,
stuff I had nothing to do with.
946
01:25:45,020 --> 01:25:49,358
Maybe Kingsley thought it would be better
if you answered instead of me,
947
01:25:49,399 --> 01:25:51,360
so we don't get mixed up or something.
948
01:25:51,401 --> 01:25:55,322
Yeah, we have to get our stories straight
so we don't contradict each other.
949
01:25:55,739 --> 01:25:58,992
We won't contradict each other.
I haven't strayed from my story.
950
01:26:00,994 --> 01:26:02,079
Vincent,
951
01:26:02,746 --> 01:26:06,583
I know Norbourg
is going through a tough time.
952
01:26:06,625 --> 01:26:09,211
You'll get through it. You always do.
953
01:26:09,253 --> 01:26:11,255
"You'll get through it?"
954
01:26:12,881 --> 01:26:16,468
We'll get through it.
I'm with you 100%.
955
01:26:17,469 --> 01:26:19,388
Don't worry. I'm on it.
956
01:26:19,429 --> 01:26:22,724
Bernier gave me an update
on your voluntary disclosure.
957
01:26:22,766 --> 01:26:25,227
It's ironclad. It'll shut them up.
958
01:26:28,814 --> 01:26:32,276
Think you'll have more time
for the office these days?
959
01:26:33,110 --> 01:26:35,654
I'm not sure about Giguère. It's like…
960
01:26:36,530 --> 01:26:37,948
He doesn't fit in.
961
01:26:37,990 --> 01:26:40,492
We'll keep an eye on him. Don't worry.
962
01:26:41,910 --> 01:26:42,995
See you Monday.
963
01:27:41,845 --> 01:27:44,473
Listen, this is some story
you're telling us.
964
01:27:44,515 --> 01:27:45,933
Yeah.
965
01:27:46,975 --> 01:27:51,230
When did you decide
to report what you discovered?
966
01:27:51,271 --> 01:27:52,898
A few days ago.
967
01:27:54,066 --> 01:27:56,860
When I found the irregularities…
968
01:27:57,486 --> 01:28:01,198
I got worried, so I came to see you.
969
01:28:03,492 --> 01:28:07,955
Like I told you, it took a while to get
a clear understanding of the situation.
970
01:28:09,873 --> 01:28:14,002
At first, I found the custodian's
business structure very complex,
971
01:28:14,044 --> 01:28:15,087
a lot of intermediaries.
972
01:28:15,128 --> 01:28:18,549
I started asking questions,
and he told me that's how it works,
973
01:28:18,590 --> 01:28:20,384
that it's always been that way.
974
01:28:21,009 --> 01:28:22,553
Who?
975
01:28:24,513 --> 01:28:26,181
Vincent Lacroix.
976
01:28:27,099 --> 01:28:29,476
Then I discovered how he hid it.
977
01:28:30,269 --> 01:28:31,937
OK, let's go back a little.
978
01:28:31,979 --> 01:28:36,191
How exactly did you find out
the Molton Trust statements were falsified?
979
01:28:37,067 --> 01:28:39,945
I saw a real one I wasn't supposed to see.
980
01:28:39,987 --> 01:28:41,697
The discrepancy was huge.
981
01:28:41,738 --> 01:28:46,368
When I explain the system used
to tamper with the reports,
982
01:28:46,410 --> 01:28:50,789
the false numbers
I unknowingly sent to investors,
983
01:28:50,831 --> 01:28:53,667
you'll see just how well
it was all organized.
984
01:28:54,084 --> 01:28:55,919
We have all the time in the world.
985
01:28:56,962 --> 01:28:58,338
Yeah.
986
01:29:03,927 --> 01:29:09,892
Exchange-traded funds, or ETFs,
are a good way to diversify your portfolio.
987
01:29:09,933 --> 01:29:13,854
So for more conservative investors,
988
01:29:13,896 --> 01:29:18,150
numerous ETFs specialize
in low-volatility stocks,
989
01:29:18,192 --> 01:29:21,737
bonds, government bonds,
the S&P 500, etcetera.
990
01:29:22,196 --> 01:29:27,117
What would you tell viewers at home
wondering how to invest in ETFs?
991
01:29:27,576 --> 01:29:32,414
I'd tell any first-time investor listening
992
01:29:32,456 --> 01:29:34,249
not to do it alone.
993
01:29:34,291 --> 01:29:35,751
Work with an advisor.
994
01:29:36,376 --> 01:29:40,964
Your advisor can invest
in an ETF in your name.
995
01:29:59,942 --> 01:30:03,028
TRANSFERRING FILES
996
01:30:40,148 --> 01:30:41,984
You have a lot of reading to do.
997
01:30:42,025 --> 01:30:44,236
You can draw your own conclusions.
998
01:30:46,196 --> 01:30:49,616
So what do I do now?
999
01:30:50,075 --> 01:30:53,161
Until we have enough proof, you stay put.
1000
01:30:54,705 --> 01:30:57,124
I have to get more information?
1001
01:30:58,000 --> 01:31:01,920
You're asking me to go
from witness to double agent.
1002
01:31:31,700 --> 01:31:34,119
How much in total?
1003
01:31:34,161 --> 01:31:36,163
Seems like it's over everywhere.
1004
01:31:36,205 --> 01:31:39,374
It's more than we thought,
but I think we can absorb it.
1005
01:31:42,336 --> 01:31:43,795
How much?
1006
01:31:45,672 --> 01:31:49,092
If we go with scenario A,
to be safe,
1007
01:31:49,134 --> 01:31:52,763
Norbourg should disclose
a sum of about $63 million.
1008
01:31:53,180 --> 01:31:57,351
So we'd have to pay about $21.3 million
1009
01:31:57,392 --> 01:31:59,520
in federal and provincial taxes.
1010
01:31:59,561 --> 01:32:00,938
$21 million?
1011
01:32:02,022 --> 01:32:04,983
Jesus Christ!
At first, Éric said $12 million.
1012
01:32:05,025 --> 01:32:07,819
Luc, you told me $14 million.
Now I'm at $21 million?
1013
01:32:07,861 --> 01:32:10,364
What the fuck?
That's practically double!
1014
01:32:10,405 --> 01:32:12,074
Yeah.
1015
01:32:12,115 --> 01:32:16,203
With that, Vince,
we're buying peace for five years.
1016
01:32:46,817 --> 01:32:48,318
Thank you.
1017
01:33:35,449 --> 01:33:36,825
Listen…
1018
01:33:38,785 --> 01:33:40,579
I asked you here tonight…
1019
01:33:41,830 --> 01:33:44,082
because you're all important players.
1020
01:33:45,584 --> 01:33:47,586
You stayed loyal.
1021
01:33:50,088 --> 01:33:54,343
Look, I'd like to offer everyone
a stake in Norbourg.
1022
01:33:55,052 --> 01:33:59,181
But I don't know how to divide it.
1023
01:34:00,724 --> 01:34:02,684
I don't want any fighting.
1024
01:34:02,726 --> 01:34:04,520
So…
1025
01:34:06,563 --> 01:34:11,652
I've decided to give everyone a fixed sum.
1026
01:34:13,320 --> 01:34:14,696
To thank you.
1027
01:34:16,240 --> 01:34:17,991
For your loyalty.
1028
01:34:28,460 --> 01:34:29,962
Excuse me.
1029
01:35:01,493 --> 01:35:04,371
It's a first draft
of my analysis of the situation.
1030
01:35:05,873 --> 01:35:09,251
I can continue my analysis, but…
1031
01:35:10,210 --> 01:35:11,962
I need certain guarantees.
1032
01:35:13,213 --> 01:35:14,506
We're listening.
1033
01:35:15,132 --> 01:35:18,510
I want full immunity
against any potential legal action.
1034
01:35:19,636 --> 01:35:20,929
I want physical protection,
1035
01:35:20,971 --> 01:35:24,558
'cause I won't make any friends
spilling dirt on Norbourg.
1036
01:35:25,767 --> 01:35:29,646
I want a permanent position
in public service and $1 million.
1037
01:35:30,147 --> 01:35:31,940
Listen, Asselin…
1038
01:35:31,982 --> 01:35:33,650
Those are quite the demands.
1039
01:35:34,067 --> 01:35:36,695
We don't have the authority
to settle that here.
1040
01:35:38,655 --> 01:35:42,868
Well, hurry,
'cause he's burning through the cash.
1041
01:35:44,453 --> 01:35:47,748
He just spent $2.6 million
on an inn in Magog.
1042
01:35:47,789 --> 01:35:50,501
He bought the Grand Café
for $750,000 cash.
1043
01:35:50,542 --> 01:35:52,586
And he's about to buy Chez Parée!
1044
01:35:56,089 --> 01:35:58,383
He wants to give me $900,000.
1045
01:35:58,425 --> 01:36:00,135
He says it's for past services.
1046
01:36:00,177 --> 01:36:03,680
He's doing the same
for Bernier, Davila and Bilodeau!
1047
01:36:06,183 --> 01:36:09,520
He's trying to compromise them
and buy their loyalty.
1048
01:36:09,561 --> 01:36:11,980
So what do I do?
Do I take the check?
1049
01:36:12,022 --> 01:36:14,358
Or I give it to you to deposit?
1050
01:36:14,399 --> 01:36:17,569
Well, we can't tell you what to do.
1051
01:36:18,237 --> 01:36:22,115
Well, that's too bad then,
but I'm not showing my face there again.
1052
01:36:25,202 --> 01:36:29,331
If you choke, the little deal
you're trying to negotiate…
1053
01:36:35,128 --> 01:36:39,216
Was there anyone at the firm before you
who can corroborate your story?
1054
01:36:39,633 --> 01:36:41,093
I don't know.
1055
01:36:42,010 --> 01:36:43,720
Well, think.
1056
01:36:48,350 --> 01:36:50,561
And to help you think, Éric,
1057
01:36:50,602 --> 01:36:54,356
we learned you received
some very generous bonuses in February.
1058
01:36:56,400 --> 01:36:59,903
If you want to take that road,
I can just go to the cops.
1059
01:36:59,945 --> 01:37:03,031
I want compensation.
That's non-negotiable!
1060
01:37:03,782 --> 01:37:07,119
Without me,
you wouldn't know squat about Norbourg.
1061
01:37:20,966 --> 01:37:25,888
I have here a written confirmation
from the IMET
1062
01:37:25,929 --> 01:37:30,642
that nothing in your statements to us
and no documents you've provided
1063
01:37:30,684 --> 01:37:32,769
will be used against you.
1064
01:37:34,271 --> 01:37:37,149
You think I'm gonna negotiate
with a gun to my head?
1065
01:37:37,608 --> 01:37:40,027
No, this isn't a negotiation.
1066
01:37:40,736 --> 01:37:42,571
It's our final offer.
1067
01:37:43,447 --> 01:37:46,033
You don't have to sign it,
1068
01:37:46,074 --> 01:37:50,454
but if I were you,
I'd sign it, and fast.
1069
01:37:51,622 --> 01:37:54,708
You know, we looked into you closely.
1070
01:37:56,043 --> 01:37:57,252
Bullshit!
1071
01:37:57,294 --> 01:37:58,462
Fine.
1072
01:37:59,505 --> 01:38:02,841
If you want, we could look into
the fascinating file
1073
01:38:02,883 --> 01:38:07,679
on your brand-new little castle
on Harfang Street in Beauport,
1074
01:38:07,721 --> 01:38:10,140
paid for in cash on June 7.
1075
01:38:54,685 --> 01:38:57,646
No matter what way I look at it,
1076
01:38:57,688 --> 01:39:02,359
I can't figure out how so much cash
just drops into the company coffers.
1077
01:39:02,401 --> 01:39:06,405
Listen, with Norbourg International,
the Bahamas,
1078
01:39:06,446 --> 01:39:10,617
it's gotten so complex that
only Vincent really knows how it works.
1079
01:39:10,659 --> 01:39:13,412
Well, I have to understand
where the funds come from,
1080
01:39:13,453 --> 01:39:15,497
'cause we can all see how they're spent.
1081
01:39:15,539 --> 01:39:18,667
Private jets,
offices all over the province,
1082
01:39:18,709 --> 01:39:20,043
box seats at the hockey stadium…
1083
01:39:20,085 --> 01:39:23,964
Vincent can't spend like this forever.
We'll hit a wall.
1084
01:39:26,425 --> 01:39:30,220
Has it ever crossed your mind that
maybe Vincent is financing acquisitions
1085
01:39:30,262 --> 01:39:32,598
by dipping into the investment funds?
1086
01:39:32,639 --> 01:39:36,101
Of course not. There's no way.
1087
01:39:36,143 --> 01:39:38,020
Norbourg is too scrutinized.
1088
01:39:38,854 --> 01:39:40,731
I don't know, Éric.
1089
01:39:41,607 --> 01:39:43,108
I don't want to believe it,
1090
01:39:43,150 --> 01:39:47,279
but I've got Bernier saying I'll never see
the books at Norbourg International.
1091
01:39:48,405 --> 01:39:49,948
I'll talk to him.
1092
01:39:58,957 --> 01:40:00,459
Don't worry.
1093
01:40:01,084 --> 01:40:04,254
I repeat, the accounts are fine.
1094
01:40:10,469 --> 01:40:13,639
Luc, could I please
1095
01:40:13,680 --> 01:40:18,727
have access to all the accounts
for every branch of Norbourg?
1096
01:40:22,147 --> 01:40:23,649
Jesus Christ!
1097
01:40:27,236 --> 01:40:29,655
I'm VP of compliance.
1098
01:40:29,696 --> 01:40:33,367
So if I want to see the accounts,
you show me the accounts.
1099
01:40:33,408 --> 01:40:34,826
Is that clear?
1100
01:40:37,120 --> 01:40:39,289
Over my dead body.
1101
01:40:57,224 --> 01:41:01,812
Francis, I want access
to the Norbourg International accounts.
1102
01:41:03,355 --> 01:41:04,773
Give him the codes.
1103
01:41:10,487 --> 01:41:12,197
Log me in.
1104
01:41:12,239 --> 01:41:13,615
Log me into the NAI account,
1105
01:41:13,657 --> 01:41:16,410
account 23-01-34-16
at the Bank of Montreal.
1106
01:41:16,451 --> 01:41:17,703
Go.
1107
01:41:26,461 --> 01:41:28,881
Could you give us a moment, Francis?
1108
01:41:39,558 --> 01:41:41,018
OK…
1109
01:41:56,033 --> 01:41:57,784
Jesus…
1110
01:41:59,703 --> 01:42:04,082
The transfers are from the Evolution Fund,
Unicyme and Canadian Equity.
1111
01:42:05,501 --> 01:42:07,669
The money shouldn't be transferred there.
1112
01:42:07,711 --> 01:42:10,589
Investor dollars
should be in trust accounts,
1113
01:42:10,631 --> 01:42:12,841
not at Norbourg International!
1114
01:42:17,471 --> 01:42:18,847
What's this?
1115
01:42:19,431 --> 01:42:24,686
Over $6 million sent to
Vincent Lacroix's account on July 22.
1116
01:42:32,319 --> 01:42:36,740
It's the first $6 million payment
for his voluntary disclosure.
1117
01:42:36,782 --> 01:42:38,325
That's where he got it.
1118
01:42:43,163 --> 01:42:46,625
Asselin, this is fucking crazy!
1119
01:42:49,795 --> 01:42:52,840
We absolutely have to
report this to the Authority.
1120
01:42:54,591 --> 01:42:57,302
Let's go to my office. Come.
1121
01:43:08,146 --> 01:43:10,732
Bilodeau! Come.
1122
01:43:15,112 --> 01:43:16,864
Shut the door, please.
1123
01:43:21,285 --> 01:43:24,580
Éric, it's fucking millions!
We have to stop it.
1124
01:43:24,621 --> 01:43:26,039
Calm down. Sit.
1125
01:43:33,463 --> 01:43:37,509
You have to go to the RCMP,
not the Authority.
1126
01:43:39,761 --> 01:43:41,638
We're in contact with them.
1127
01:43:49,855 --> 01:43:53,442
What's happening here is madness.
I just found out.
1128
01:43:56,653 --> 01:43:59,698
Yes, Mr. Brunetta. It's Éric Asselin.
1129
01:43:59,740 --> 01:44:02,159
I have another colleague ready to talk.
1130
01:45:47,014 --> 01:45:48,265
You looking for someone?
1131
01:45:53,562 --> 01:45:56,857
Giguère isn't here today.
Apparently, he called in sick.
1132
01:45:57,441 --> 01:45:58,859
I don't know.
1133
01:46:00,777 --> 01:46:05,574
Listen, we got the loan agreement documents
from Dominion Investments.
1134
01:46:06,658 --> 01:46:08,785
Send them over. I'll take care of it.
1135
01:46:52,246 --> 01:46:53,914
This here…
1136
01:46:55,749 --> 01:46:57,417
is the 12th floor.
1137
01:47:00,128 --> 01:47:04,550
Bilodeau's office, Bernier's office…
1138
01:47:07,469 --> 01:47:09,221
and Vincent Lacroix's.
1139
01:47:11,056 --> 01:47:12,933
You need a code to get in.
1140
01:47:13,559 --> 01:47:17,271
There are a lot of files in there
you'd find very interesting.
1141
01:47:18,564 --> 01:47:21,441
I've rarely seen such a proactive witness.
1142
01:47:25,988 --> 01:47:28,407
I've held up my end of the deal.
1143
01:47:28,866 --> 01:47:31,910
Can I at least know
when you'll move in?
1144
01:47:31,952 --> 01:47:34,788
I'd rather not be around that day.
1145
01:47:37,958 --> 01:47:41,128
If I were you, I'd stay away
from the office later this week.
1146
01:47:48,093 --> 01:47:52,973
THURSDAY, AUGUST 25, 2005
1147
01:48:41,146 --> 01:48:42,356
Hold up your plate.
1148
01:48:47,528 --> 01:48:49,446
You'll make the next one.
1149
01:49:19,226 --> 01:49:22,020
Yeah. Thank you for coming.
1150
01:50:13,030 --> 01:50:16,783
RCMP! All employees,
please exit your offices immediately.
1151
01:50:16,825 --> 01:50:18,035
No one touch a thing!
1152
01:50:18,076 --> 01:50:19,244
RCMP?
1153
01:50:19,786 --> 01:50:23,624
Put down your document.
1154
01:50:25,751 --> 01:50:28,253
Sir, I'll ask you to
please put down that file.
1155
01:50:34,218 --> 01:50:36,678
Step away from your desk.
1156
01:51:02,746 --> 01:51:06,083
Very bad news today
for thousands of small investors.
1157
01:51:06,124 --> 01:51:09,920
We all know how hard it is
to grow your savings for retirement.
1158
01:51:09,962 --> 01:51:13,841
A major fraud was uncovered
at Montreal company, Norbourg,
1159
01:51:13,882 --> 01:51:16,218
a large investment fund manager.
1160
01:51:16,260 --> 01:51:20,514
Yves, the company led by Vincent Lacroix
is alleged to have embezzled $70 million?
1161
01:51:20,556 --> 01:51:21,598
That's right.
1162
01:51:21,640 --> 01:51:27,020
The AMF, assisted by the RCMP
and provincial police,
1163
01:51:27,062 --> 01:51:30,315
investigated the notorious Vincent Lacroix.
1164
01:51:58,969 --> 01:52:01,054
…from December 31, 2004.
1165
01:52:01,096 --> 01:52:05,100
The company claimed to have $155 million,
1166
01:52:05,142 --> 01:52:07,895
when they in fact had $85.
1167
01:52:07,936 --> 01:52:12,566
I have to present myself as another
fraud victim like the other investors.
1168
01:52:12,608 --> 01:52:15,611
…false financial statements
for the past three years,
1169
01:52:15,652 --> 01:52:18,614
fabrication and falsification
of documents,
1170
01:52:18,655 --> 01:52:22,534
embezzlement,
at least 5,000 investors defrauded.
1171
01:52:22,576 --> 01:52:25,662
Pierre, it could be as high as 10,000.
1172
01:52:25,704 --> 01:52:27,039
It's my only chance.
1173
01:52:27,956 --> 01:52:32,461
Over 5,000 investors,
clients of Norbourg,
1174
01:52:32,503 --> 01:52:36,507
are wondering if they've
lost their entire investments.
1175
01:52:36,548 --> 01:52:42,262
The AMF is accusing the company
of embezzling $70 million
1176
01:52:42,304 --> 01:52:45,224
and has ordered them
to cease all activities.
1177
01:52:45,265 --> 01:52:47,935
Criminal charges may be filed…
1178
01:53:18,423 --> 01:53:20,926
After many long years before the courts,
1179
01:53:20,968 --> 01:53:23,929
after several attempted
class-action lawsuits,
1180
01:53:23,971 --> 01:53:26,515
the 9,200 investors swindled by Norbourg
1181
01:53:26,557 --> 01:53:30,310
failed to recover
their entire original investments.
1182
01:53:30,352 --> 01:53:32,229
Some were ruined.
1183
01:54:33,624 --> 01:54:36,877
Found guilty of fraud
on an unprecedented scale
1184
01:54:36,919 --> 01:54:38,712
in Quebec judicial history,
1185
01:54:38,754 --> 01:54:43,884
Vincent Lacroix still served
less than three years in prison.
1186
01:55:04,947 --> 01:55:11,453
He is now free and rebuilding his life.
1187
01:55:13,205 --> 01:55:16,667
As for Éric Asselin, he did not stand trial
1188
01:55:16,708 --> 01:55:20,879
and was not convicted
in the Norbourg scandal.
1189
01:55:20,921 --> 01:55:25,050
He was, however,
found guilty of bankruptcy fraud in 2013.
1190
01:59:22,663 --> 01:59:24,915
Translation by Elisabeth Gillies
1191
01:59:24,957 --> 01:59:27,084
Subtitles by MELS
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