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THIS FILM IS BASED ON A TRUE STORY

IN MEMORY OF LISA, MARTIN AND CORALIE

- Yes, hello.
- Hello.

I heard back from the Public Curator,
and there's nothing we can do.

You can't invest the girl's inheritance
in an income property.

As the estate's only trustee,

you enter into
a certain category of investor.

They don't think real estate
is safe enough.

Not safe enough?

An income property
is the best possible investment.

If you maintain it properly,
it never loses value.

Sure, but you're not a young man anymore.

There's always a risk.

It's $190,000, Mr. Trudel.

The state wants to ensure the inheritance
is safe and can yield a profit.

Anyway…

a financial investment
won't mean anything to Léa.

I'm as disappointed as you are,
but the authorities won't budge.

If I were you,
I'd invest in a fund,

a stable, trustworthy investment fund
with a strong return.

Hang on. I might have something for you.

The fund was created to ensure

that savings stay in Quebec,
in funds managed here.

There's even a component
called the Quebec Fund

that invests exclusively
in local businesses.

Also, the fund is managed
by the Caisse de dépôt et placement,

so it's 100% safe.

I think it's the best option.

To consolidate your savings
and reduce management fees,

I'd strongly recommend it.

Wait until you see the historical returns.

EVOLUTION FUND

What's his story?

He worked at the Caisse
for a couple years.

$500,000 in Maxima Capital?

MONTREAL, SUMMER 2001

- Where did they get the money?
- No idea. We'll ask him.

His company… I forget the name.

Norbourg.

They just requested approval
for a range of new investment funds.

We'll have to meet him.

QUEBEC SECURITIES COMMISSION

Take care of it, will you?

That's not the issue.
Your project is admissible.

I hope so.
We've been working on it for a year.

The problem is your involvement
with Maxima.

The firm has had multiple irregularities
over the past few years.

I'm sure you can understand
that my boss is getting fed up.

Listen, Mr. Asselin,
we believe in Maxima.

We have a recovery plan.

We're serious about
the acquisition process.

I can see that,
with the loan you gave them.

And where did you get that?

We were pretty surprised
when we saw the amount.

I don't have to reveal
my sources of funding.

I'm not obligated,
and you can't presume it's illegal.

I made some money speculating
on the drop in Nortel stock,

when it was at $160.

And I have friends
who help me in my activities.

I'll need more than that.

So you're telling me
the money Norbourg put into Maxima

will hinder the approval
of our funds, right?

With the $200,000 fine my boss gave them

and the suspension
of most of their leadership,

Maxima is foul ball.

It's two completely different things.

Listen, I'll tell it like it is:

If you don't provide documentation
on the source of funding,

the Commission will refuse
to authorize the Maxima transaction

and your funds won't even be considered.

OK, well…

What am I supposed to do with that?

I'll propose a way to move things along.

Don't buy Maxima,

and maybe I can help you
with the mutual funds.

No guarantee. We'll look into it.

With your preventive leave,
we're at one and a half salaries.

I know, Éric, but we always said
we'd buy before having kids.

I know.

There's room for a baby here.
It's not so bad.

How did he get my number?

Who, your mistress?

Don't start, OK?

Tell him I said hi.

Yeah, I know.
I didn't have time to call you back.

Couldn't it wait till Monday?

I'm running out of time.
The 31st is in ten days.

Yeah, I know what day it is.

As I'm sure you're aware,

we're entitled to a 50% tax credit.

But if the funds aren't registered
by the end of the month,

we're closing shop.

Don't make me cry.

I lost $500,000 because of your issue
with Maxima Capital.

I feel like you could
help me get the funds approved.

I don't owe you anything.

Look, Éric,

I know it means extra work for you.

And I know that work
should be compensated.

How much compensation are we talking about?

What did you mean?

What do you think?

$10,000?

Cash.

Look, I'm going on vacation
down south on Thursday.

I'll give you $5,000 before leaving
and the rest when I get back.

If the funds are approved.

For example, in January '98,

there's a big difference.

And in the CITR financial statements,
there are errors in the trial balance.

Can't you get Josianne to do it?

No, I'd prefer if you did it.
It's not just the summaries.

We'll have to look through the documents.

OK, give me the file.
I'll see what I can do.

Don't look too excited!

It's just so fun.

Réné, you'll finish
the week with Maxima, OK?

I'll send you my research.

INVESTIGATOR

- That stays at the front, guys.
- No problem.

That box goes in the back room with IT.

Vince!

I'll hang my licences here,

and our logo at the entrance
in big letters.

Jesus, how much are
these offices costing you?

That's how it works, Carl.
To get rich, you have to look rich.

Excuse me, Vincent.

I have Éric Asselin, the investigator
from the Commission on the line for you.

It sounds urgent.

I'll take it.

Shut the door, Carl.

Yes.

Hello?

Hey, neighbor!

We're right next door now, corner of Union.

Thanks.

Yeah, business is good.

New downtown offices.

Very good, even.

Desjardins, via the Opvest branch,
gave us a large management mandate.

It's given us a real boost.

Listen, Vincent,
I don't have a lot of time,

and I shouldn't be doing this…

but there's something you should know.

Your little ventures over the past months
have attracted a lot of attention.

We'll be asking for documents,

and I strongly advise you
to answer our questions properly.

We haven't gotten a subpoena or anything.

You could say the investigation
is still unofficial.

My boss called the shot.

Guess who's leading the investigation.

Someone wants to try the car.

Could you pass me the rag?

Thanks.

I'm sorry.

So the serial number you see here
is on each unit,

but often at the back of the machine.

You have to pull it out
to see it, unfortunately.

But if the serial number
doesn't match the one declared,

that means the ATM
has probably been hacked.

So it's important to write down the number.

OK.

We have to be vigilant.
There are a lot.

Right, Guy? How many did we find
in Greater Montreal?

Your guest is waiting at the usual table.

Thank you, Mélissa.

Hello!

We spend our days
talking about you at work.

Might as well talk about you at night.

Not all bad things, I hope.

That's confidential.

But I'm hearing a lot of things.

I even heard you're looking
for a VP of finance.

Oh yeah? You don't miss much.

It's true.

I need a VP of finance

to create Norbourg's securities division,
among other things.

I'd also like to
get into the European game.

Well, listen, I might know someone.

Someone with all the qualifications,

with experience as an investigator
at the Commission.

Interesting…

Such a person could certainly be useful,

if ever the Commission started
sticking their nose in our business.

He knows all about audits.

He was a tax auditor for three years,
and he's been an investigator for four.

This guy could definitely help you.
It'd be easy for him, even.

But… he'll want to be
compensated accordingly.

And…

why does this person want to quit his job?

Vincent, I'll be straight with you.

This person spends his days
looking at your salaries.

He knows how much they make
on the other side.

Well then…

maybe this person and I should meet.

In the meantime, let's drink to his health.

No way we're waiting. Watch.

Good night? Thanks.

How did you swing that?

You know someone
at the Ministry of Finance?

A guy I went to university with.

He approached you?

No, we ran into each other last year
in Quebec City.

I was at the investment trade fair
with my cousin.

I hadn't seen him in a decade.

I didn't even know
he was at the Ministry.

Well, well!

How's it going, chief?

Man! I can't believe it!

Come here. Long time no see, big guy!

- What are you doing here?
- What are you doing here?

Tell you later.
Carl Bilodeau, my cousin.

- I'm Yan.
- Yan Raymond. We went to school together.

- There's a few stories there.
- I can imagine.

You're finding out before anyone.

I'm telling you because promoting
these programs is part of my job.

I'm definitely interested.

I didn't know about that.

No, it's brand new.

"Political will," you might say.

Anyway, there's a huge tax credit
if you start new mutual funds this year.

We crossed paths
a couple times after that.

He came to help us out.

There's money to be made, Vince.

But you gotta know how to get it.

Guess what?

Turns out I know how.

This isn't the best place
to talk about it, though.

How much do you want?

Four or five months later,
we were on the brink of bankruptcy.

Vincent, it just arrived.

It worked? We got it?

We got the tax credit?

One fucking million, from the government!

Yeah. Nice to have old college pals.

It wasn't a gift, though.
More like the other way around.

Thank you.

Where did you get funds before?

We were fucking around
in investment clubs.

You know, it's hard to get started

with no backers or trust fund.

I got fed up.

I switched strategies.

That was about six months ago.

It was Friday afternoon.
I was alone in the office.

I told you about the Desjardins
management mandate, the Opvest funds.

Yeah, the $20 million.

Yes, is this Investpro TD?

Yes, I'd like to make a withdrawal.

Yes, Norbourg, Vincent Lacroix.
I'm the president.

January 11, 1967.

Yes, a $150,000 withdrawal
from the Opvest RT1 account.

Yes, I want to do a simulation
to test a new model.

Sort of a research and development thing.

Just to make sure everything
performs as expected.

I had an ironclad explanation.

I thought I'd have to tell him
my life story.

But not at all.

They transferred the cash,
no questions asked.

Yes, in the National Bank Norbourg account.

The number is… Sorry.

It's 2364292.

Transit: 76451.

No, thank you. That'll be all.

Thank you.

I don't understand.

You deposit the money
in the Norbourg account directly?

No, we put the money back.
No one is the wiser.

It's just to unblock capital.

You know, Éric,

to move forward,
get bigger and stronger,

we have no choice but to gamble.

You put it back
or you're going to put it back?

You shouldn't do that.

What we need…

What we need?

You, what you need.

What you need is some kind of buffer
before depositing the money.

A transit account.

Otherwise, you're too exposed.

Yeah, I know.
We'll have to look into it.

And why Molton Trust as custodian?

Get this:

They have offices in Montreal.

Customer service is in Toronto.

Money transfers and banking operations
are in London,

supervised by the parent company's
back office in Chicago.

It's just about the most complex
organizational chart you can get.

Hey, get your friend, will you?

For financial statements?

That's not a problem.
My accountant is very accommodating.

Come on, Vincent, this is absurd.
Why should I approve this?

Give me one good reason.

I gave you 20,000, Denis, in small bills.

See you soon.

The question now, Éric,

is would you rather hop on the train
and make some cash,

or stay a small-time accountant
making $600 a week

with your nose in our books?

In January, I get my yearly bonus.

After that, make me an offer.
We'll see.

Thank you, Mr. Larrivée.

Listen…

I know my timing isn't great,
but I don't want to waste your time.

I'm handing in my notice.

What are you talking about, Éric?

Sit. Let's talk.

We can discuss your salary and benefits.

I wasn't expecting this at all.

I'm sorry.

It's not you or the team.

I feel like my time here is done.

Come on!

Who are we losing you to?

I don't know yet.
I have a few prospects.

You're kind of leaving us
in the lurch, Éric.

But we can provide references
or letters of recommendation if you need.

No thank you.

That won't be necessary.

Four years? OK.
You're good with the salary?

Yes. But as I told you,
I'm more interested in the bonuses.

Paid cash, when I see fit,
as an undeclared loan.

Yeah, like we discussed.

As for the signing bonus…

$120,000, right?

I'll write you a check.

No, you should transfer the money
to your account,

get a bank draft,
then write a personal check.

Come on, Éric. Toughen up.

You know the situation with Commission.

I told you they're coming down on us.

As you wish.

I don't want my name in the books
with payments like that.

How do I look?

There you have it.

$400,000, just like that?

Just like that.
They never caught on.

And because we write
our clients' account statements…

I don't have to spell it out.

It's the only way we can grow.
I don't see any other options.

Yeah, but you'll have to return the cash.

Of course!
It's all about timing.

It's a poker game.

OK, as most of you are aware,

today, we're officially welcoming
our new VP of finance, Éric Asselin.

Welcome!

Éric will be starting immediately.

So let's raise our glasses. Cheers!

- Cheers!
- Welcome.

Cheers, Éric.

Well, thank you.

Speeches aren't really my thing.
I'll leave that to Vincent.

I just want to say
I'm happy to be here.

Switzerland.

I'd like to take a moment to tell you
about our new resolution for 2002:

Switzerland.

One-third of the world's wealth is there.

An ambitious, growing firm like Norbourg
can't afford to miss out on that market.

So 2002 will be the year of…

Give me a hand.

Eurobourg!

Cheers!

I know just the guy for Switzerland.

He handles between $300 and $400 million,
and he's consul for an African country.

- Oh yeah?
- Yeah.

I went to school with his son.

So why isn't he working for us yet?

Vincent Lacroix…

Our enviable positioning
in the North American market

gives us a clear advantage
over other players.

The acquisition of Tercio Trust
in the short term

would put Eurobourg at the forefront
of the Swiss hedge fund world.

As you see here,
the Tercio team would remain intact,

and the transition to Eurobourg
would happen gradually.

Vince!

Don't send the fax yet!

What are you doing?
That's the confirmation. The fax is sent.

The USS01 account is $300,000 overdrawn.

Fucking hell! You idiot!

Do you know
the Molton Chicago number by heart?

It's the transfer confirmation. Hang up!

It worked.

The account is $654,000 overdrawn now,
and they sent the money anyway.

OK, how much do we have
in ULC02 and USS04?

I'll have to check.

We'll balance it.

Thanks, Brigitte.

You don't understand.

A former colleague
at the Commission just told me

the inspection is this fall, no way out.

We'll just have to
make false bills and reports.

We'll do better than that.

We have to start thinking long-term.

The safest way is to declare revenue
from external companies.

The Tercio Trust subsidiaries
in Switzerland are our best bet.

That's good, Vincent.
We own Tercio.

We control the archives, books
and financial statements from past years.

We all know there's a firewall
for Switzerland.

We twist things right,
it'll be hard for the Commission.

They don't have the jurisdiction
or the staff.

I'll take the lead on this.

I know what they're looking for
and how they work.

I know how they think. Trust me.

So let's get to work.
Serficom is ready?

Yes, it's settled.

We'll need more.

The purchase agreements
for Moulty Bay Holdings and Grace Venture?

No shells or shady offshore dealings.

You give them those,
it opens a breach.

Éric, I'll let you handle it
if you know what you're doing.

Yeah, I'm pretty sure
I know what I'm doing.

I'm also pretty sure we'll need help.

We're taking a massive beating
with the hedge funds.

Hello, hello!

- Welcome to Norbourg.
- Hello.

I'm Vincent, CEO.

Our new vice president-general manager,
Jean-Marie Davila. A big fish.

- Nice to meet you.
- Hello.

Seven years at the Caisse,

three at the FTQ
and two years at BNP Paribas in Paris.

I'm sure we'll have time
to discuss his resumé later.

Would you like a coffee before starting?

Where should we set up?

Follow me.

If you need any documents, just ask,
and we'll get them.

Yes, that's how an inspection
usually works.

And you'll be in familiar territory
with an expert who needs no introduction.

Anne-Marie, Guy…

Ah, René.

Good to see you.

Come on, Éric, do we really have to
do this with you?

Well, why not? Let's do this.

OK, let's start with compliance.

We want to see the company's
organizational chart

and all the certificates of incorporation.

No problem. I'll explain all that to you.

I'm leaving you in good hands.

If you need anything, I'm right next door.

Thank you, Vincent.

This won't work, Éric.
We can't do this.

You're the one that started
the Norbourg investigation.

Why don't you designate
someone else as our contact?

Yeah.

This is the most ridiculous situation
I've ever been in.

Seriously, Éric,
you could have spared us this farce.

We'll start with the parent company?

Yes, we have some questions
about the shareholders.

I'm listening.

The VLX from March 2000 is missing.

How do you explain
the $150,000 difference in amortization?

I don't understand, Éric.

The private management mandates
for Dubrovsky, Ranhold and Robertson

are with a broker who trades
in derivative products.

Is that what you're telling me?

And these amounts here… Thank you.

Why are they in "Vincent Lacroix Advances."
What is that?

Let me have a look.

Yeah, I don't know.
Must be in the archives.

The report must be in my files at home.
I think that's it.

That must be at the accountant's office
in La Prairie, right, Vincent?

That's it. Don't worry.

We'll get you all the documents
by tomorrow.

Have a good evening.

Thanks for coming.

See you tomorrow.

Fuck.

Starting now,

extra entertainment expenses
will be cash.

They're staying out of our books.
Is that clear?

Don't worry.
They don't have anything on us yet.

So, you have the list to produce?

Yeah. Another night shift for us.

- That'll hit the spot.
- Thanks.

It's gonna be fine.

Here we go again.

Welcome back!

- Hello.
- Have a seat.

Today, Éric, I want to
talk about the custodians,

so Investpro TD,
but especially Molton Trust.

We have questions about
the way Molton Trust documents

regarding the funds' value

are sent to Norbourg.

- Oh yeah?
- There seem to be different procedures.

That's because their
Montreal offices closed,

and we changed intermediaries
along the way.

OK, well, we just want
supporting documentation.

For what period?

Today is October 1?

Then the account statements from October 1
for 1999, 2000 and 2001.

OK, we'll get them for you.

So you're gonna bring us a piece of paper?

What will that prove?

There's not much more
we can do, Anne-Marie.

We could find the originals.

But those are in the archives too, right?

Yeah, and we'd need to
search the old database,

and our head IT guy is…

He's been out sick. We know.

Everything OK here?

Yeah, all good.

Come on…

OK, let me see those emails.

OK, which ones do you want to see?

One from Molton Trust.

There are hundreds.

Show me one with an account statement.

Like this one.

That work?

DOWNLOAD ERROR

Yeah. Our servers are having backup issues.
I'll show you another one.

I want to see that one.

OK, but we have IT bugs.
And like I said, our IT guy…

Yeah, bad timing, huh?
Your IT guy is on the brink of death.

Hang on. I'll call him.
Maybe he can help.

UPDATING DATABASE

Hello?

Hi, Richard. How are you?

Feeling better?

I think you have the wrong number.

Give me that!

Jesus! They're still on
the Molton Trust statements?

What year? 2001?

2002?

Listen, I'd really like to know

when you think you'll be back at work.

When?

When? Oh, January? February? March?

Yes.

Write an email with
NTBO account statements for March 2002

with the number we declared.

- Hurry! Go!
- OK, I'm on it.

Let's go, let's go!

For a firm trying to play
in the major leagues,

you guys have serious
organizational issues.

Listen, I think Norbourg
is a victim of its rapid growth.

We work 90 hours a week.

Don't worry. We're hiring new people.

We'll adjust.

OK…

I think we'll have to change our schedule
and come back next week.

There's a lot left to clear up here.

Hello?

Brigitte, it's Éric.
What are they doing?

March!

I got it!

They're leaving,
and they don't look happy.

Hurry!

You're being a bit harsh.

We're acting in good faith.
Let us prove it.

You'll prove it next Monday.

We'll be back with more staff,
and your tech issues better be fixed.

Have a nice day, ma'am.

OK, it's printing!

Come on, come on!

Got it.

Are they gone? Where are they?

Anne-Marie, wait.

We rebooted the entire system,
and it worked.

They told me what email you wanted,
and I printed it.

If you want any others,
just tell me.

Ma'am, it's all pretty standard.

Molton Trust sends statements each month.

We put those numbers
in our account statements to investors.

Obviously, we translate them,
since most of our clients speak French.

OK, well, I know you'll miss us,

but that'll be all for this time.

So you won't be back Monday?

You're the man!

I might have a little marker here.

This one is special.

It's white.

Hello.

Hello.

OK, the markets are open.
Today, we're focusing on Dismatik S.A.

I want that shell, OK? Let's go.

Hey, Vince, there's a chance to get Dagua.

I want to talk to him.

Put him on my line.

I'm transferring him. It's done!

Jean-Luc! I hear you have
something that might interest me.

Yeah.

Talk to me.

Welcome, gentlemen.

The Molton Trust Chicago guys are in town!

We'll show them how we party in Montreal.

Our thorough inspection
found just a few technical infractions.

However, we retain
some noteworthy concerns.

During the inspection, Norbourg's level
of collaboration was suspect.

We cannot state with certainty

that the information provided…

While we lack proof of embezzlement,

we observed several atypical practices:

To explain the millions withdrawn
from accounts managed by Norbourg,

Vincent Lacroix produced an agreement
between himself and Tercio Trust,

essentially allowing him
to draw unlimited advances

on the $30 million entrusted to him.

This unusual practice allows him to
finance his operations using client funds.

It may be worth
investigating Vincent Lacroix.

After extensive examination,

we cannot guarantee statements
by Molton Trust have not been altered.

A LIBERAL MAJORITY

NORBOURG ASSET MANAGEMENT
OFFICIAL INVESTIGATION

TO BE PROCESSED

- They bought Unicyme?
- They buy everything!

The board must have
done their due diligence.

Don't be naïve, Guy!

They've obviously
pulled the wool over their eyes.

How do you think
they're funding these acquisitions?

Yeah, and meanwhile,
we're restructuring,

reorganizing, reengineering,

new offices, new name,

new color of underwear,
for Christ's sake.

It's been months
since a file moved forward.

QUEBEC FINANCIAL INDUSTRY
REGULATORY AGENCY

We're particularly interested
in the Evolution Fund.

It's been for sale for a while.

I'm sure we could make a deal.

We'll look into it, Mr. Lacroix.

But you must know that fund is in deficit.

Yes, we're aware.

That's just it.
I'm guessing buyers aren't lining up.

Mr. Asselin, we'll keep
that information to ourselves.

No problem. We understand.

But this type of acquisition
has sort of become our trademark:

struggling products at a good price.

And with our team's exceptional expertise,

I guarantee we'll turn it
into a success story.

Allow me to present our business plan,

our vision for the future
of the Evolution Fund at Norbourg.

At the Caisse,
there's been changes in policy.

I'd even say a transformation
since the Liberals took power.

We have to sell, and fast.

Before the end of 2003, if possible.

Don't worry, Marcel,
you'll get your bonuses.

I'm counting on you.

With Norbourg, it's a perfect match.

EVOLUTION FUND

Thanks!

The fund's managers
performed exceptionally this year…

Please note the Evolution Fund is now owned
by Norbourg Financial Services.

This will have
no impact on your agreement.

We continue to serve your interests.

Thank you! Just a couple minutes.

Some say that Norbourg is on track

to revolutionize the world
of independent financial advisors.

It's true. We hear it often.

Those working with us know it, right?

And those joining our team
will soon find out.

Norbourg is already revolutionizing
the world of financial advisors.

So to mark the occasion,

I'm offering you all
a bottle of our special Norbourg vintage,

Bordeaux Supérieur appellation,
year 2000!

And I wrote the label myself,

so please allow me to read a few lines.

"Norbourg's highly qualified team,

"specialized and multidisciplinary,

"puts care into meeting
the financial goals and needs

"of its clients and partners

"to produce the best vintage there is…

the creation of capital."

You should come to the benefit dinner
for my election campaign.

AN EXPERIENCED POLITICIAN
FOR A UNITED QUEBEC

I'll do more than that.

Asselin! Asselin! Asselin!

And the Caisse doesn't own it anymore?

No.

They sold it on the sly
to a company called Norbourg.

Paul-Émile…

I don't know how to tell you this.

I'll be honest with you.

I went to a party at their offices,

sort of a big pow-wow to grease the palms
of Evolution Fund brokers.

I didn't like what I saw.

The head of Norbourg, Vincent Lacroix,
I didn't like his face.

He acts like some kind of big shot.

So, if you'll allow me…

I'll make a couple calls
and get your money out of there.

Right now,
there are better funds on the market.

FINANCIAL MARKETS AUTHORITY

Vince, we have to cool it
on the acquisitions.

People are starting to talk.

No, come on.
We can't waste time with that.

Jesus, Vincent, it's nonstop!

We have to keep the hundreds of new reps
from jumping ship.

How you gonna do that?
Parties and hockey games won't cut it.

I have two words for you: Cayo Coco.

A nice little chartered trip!

Come on! You can't be serious.

All-inclusive premium package,
one week at the four-star Costa Azul Club.

That convincing enough for you?

I got a good group deal.

Hello?

Hi, Mr. Trudel?

I looked into the conditions
to withdraw your money,

and it's not standard.

It would cost nearly $15,000
to take out the inheritance.

What do you think we should do?

Well, if you agree,

we can leave the money there for now.

And I'll be sure to keep an eye
on Lacroix and his gang.

If you think that's best,
let's do that.

Thank you.

How are the sunburns?

You'll have to slather me with lotion.

Don't forget your meeting with
the Finance et Investissement journalist.

Shit! I completely forgot.
Is he here?

Yeah, he's at reception.

OK, bring him to the conference room.

We also draw revenue from
our private banking service,

where we have several clients
with portfolios worth over $10 million.

Hedge funds are another source of profit.

Over the past three years,

Desjardins entrusted us
with a major management mandate.

Desjardins…

Let's talk about the Evolution Fund,
a nice acquisition for Norbourg.

Indeed!

The Evolution Fund also had
a positive effect on our profits:

In the first quarter,
we posted a $25,000 profit,

while the previous owner recorded
a $1.2 million loss.

An impressive recovery.

It's because we decided
to manage the fund internally.

Of course, our profits
will continue to increase

when our back-office activities resume.

Yes. Will you have to
stop the asset erosion?

Because in one year, the asset under
management by the Evolution Fund family

went from $109 to $98 million,

according to IFIC statistics
dated April 30.

Yes, but that's normal.

When you make an acquisition like that,
there's always a few it no longer suits,

for all kinds of reasons.

That explains the slight depreciation.

But, Mr. Lacroix, we're not talking
about a slight depreciation.

And I learned that a core group of
Teraxis reps specialized in mutual funds

jumped ship with $40 million in assets
they had under management.

That's true.
A group of representatives did leave.

But that was planned
before we took possession of Teraxis.

They never attended the conference
Norbourg hosted for the advisors.

It must have been another hard hit
when two big names on your board left?

I mean André Villeneuve
and Maurice Levasseur,

replaced by the VP of sales
of a custom countertop company and…

Listen, I had two weeks to file
the regulatory documents,

so I called a few contacts in Magog.

But I assure you…

Mr. Lacroix, those nominations
still violate Article 2.4

of your own code of ethics.

Speaking of your code of ethics, it reads:

"Norbourg managers are forbidden
from acquiring private equity."

Yet, in July 2003, you personally
joined three hedge funds:

Hedgevest-Obligations, Global and…

You're well-informed.

It's true.
I did join a couple private funds.

But I have a seven-figure income.

I need a tax shelter that reflects that.

THE NORBOURG MYSTERY

"I have a seven-figure income.
I need a tax shelter that reflects that."

Jesus, Vince! Why would you say that?

Hey, fuck you!

Like you would have done better.
He took me by surprise.

"Norbourg is a mystery to several observers
in the financial world, competitors,

"and even some of their advisors,
employees and business partners.

How does the firm generate
the revenue needed…"

Enough.

"…for its acquisitions?"

Hello?

Fuck. Yeah, put him on.
I'll take it.

The Desjardins manager.

Hello! Yes, hi.

Yes, we read it.

Listen, that article is full of lies.

I'll defend myself. I was misquoted.

No, don't worry about it.

It's a smear campaign
launched by people who are jealous.

The money comes from
European sources, Switzerland.

Listen, I can show you
the numbers if you want,

but I thought we were operating on trust.

I'm disappointed to see that

that rag was enough
to make you question our collaboration.

You could show us the numbers, Mr. Lacroix.

But that's not the only issue.

Listen…

Anyway, we don't have to justify ourselves.

You said it perfectly, Mr. Lacroix.

Here at Desjardins,
we operate on trust.

When in doubt,

we prefer to withdraw our funds
for the good of our members.

Hang on. I can provide you with…

According to your statements…

And they're your statements,
so they must be true.

We have just over $22.4 million
under management with you.

We'd like that money back.

Martin…

I'll let you work out the terms.

Norbourg, hello! Please hold.

Norbourg, hello! Please hold.

OK, Vincent, I think it's time
you made a voluntary tax disclosure

to calm suspicions.

No, that would prove them right.

It's the only way to clear your name.
Can't you see?

I feel like we should retaliate right away
and go after them.

I agree with Vince.
They have to make a retraction.

Problem is everything they wrote is true.
That's the fucking problem!

Vincent, you have to keep a low profile,
'cause there's something else.

What?

Surprise, my contacts told me the Authority
is still investigating Norbourg.

They won't fucking back down!

Also, I can't be
at the KPMG meeting tomorrow.

Why not?

A little emergency in Beauport.

Davila will fill in for me.

Hey, nice timing.

It's the little consulting firm
I started a couple years ago.

You're fucking me over too?

No, not at all.
I'm not fucking you over.

It's a sideline I'm trying to develop.

A sideline?

You signed an exclusivity deal,
may I remind you.

It's a consulting firm.
It's a whole different game.

Come on, Vince.
You know I'll never run Norbourg.

It's normal that I want to
do my own thing.

I'm gonna be short staffed in mutual funds.

I know. I already approached someone.
Give me a couple days.

What's on the table…

is the position of
VP of compliance, special projects.

That's fifth from the top
in the company hierarchy.

Listen, I don't know what to say.

I might be interested.

I've gone as high as I'm gonna go at work.

Look it over carefully.
There's no rush.

We can answer your questions.

Well, I only have one question for you.

Shoot.

Is Norbourg on the straight and narrow?

I'm gonna be completely
honest with you, Éric,

because I'm hearing all kinds of things.

Those are just rumors, Julien,
and you know it.

A lot of people had a tough time
in the bear market after September 11.

We happened to come out on top.
It happens, right?

They're jealous.
What do you want me to say?

Trust me, you'll have free rein
in your new position.

Yeah?

How's it going?

Getting settled in OK?

Yeah, yeah.

There's a problem here.

I can't seem to reconcile
funds received from clients

with the amounts in investment funds.

Éric, there are no internal procedures.

No control systems.

Well, sort it out, Julien.

Look, I know it's chaotic.
We've grown so much in two years.

Figure something out.
Sorry, I have to go.

But…

Jesus, Vincent.
Don't you answer your cell?

What's going on?

The Authority blocked the MCA transaction.

Fucking hell! The stock exchange
approved it two weeks ago.

I thought it was settled.

Excuse me, Éric, but…

- Give me a minute.
- I really need…

Won't be long.

What did they say?

Nothing. No explanation,
and there's no one to talk to.

Fuck! We look like idiots.

Hang on, Vincent.

We got a subpoena this morning.

They're going to investigate our funding
for the acquisitions of the past few years

and Vincent Lacroix's
personal sources of funding.

Let them try. They won't get me!

There are many advantages.

By choosing mutual funds,
you benefit from professional management.

Here, for example,
a dedicated fund manager

chooses the best investments
and monitors the market for his clients.

He's a natural.

Another advantage is privileged access
to these markets.

Because mutual funds offer clear,
personalized access

tailored to your tolerance for risk.

How's it going
with the voluntary disclosure?

Don't worry about the voluntary disclosure.

There are more pressing matters at hand.

Hi.

Gentlemen…

What's this?

SUMMONS TO APPEAR

You need a lawyer, Éric.

It's nothing.
They always ask the same questions.

Éric, Norbourg's future is at stake.
Get a lawyer.

But don't worry about it.

The lawyer says
there's nothing to worry about.

Obviously, you're not the one testifying.

They didn't have anything before,
but it seems they do now.

Vincent, you know
I'm compromising myself for you.

I'm the one lying under oath here.

What do you mean, lying?

Come on.

Embellishment, omissions,
gaps in memory…

Call it what you want.

Goddammit!

You're not lowering
your handicap this year, huh?

You know my position
is becoming untenable.

I appreciate your loyalty, Éric.

Is there anything I can do for you?

Well, I have my sights set
on a little house in Beauport.

- Oh yeah?
- Yeah.

I'd like to make an offer.

OK, spit it out.

I'll just need a $330,000 check
made out to a notary trust account.

You can pick it up
at Bernier's office Monday.

Asselin, today's interrogation,

held on June 15, 2005,

follows the interrogations
held April 27 and 28, 2005.

You were summoned by a subpoena.

You are entitled to
the same rights and protections.

Do you understand?

I do.

I'm looking at today's agenda,

and orders 13, 14, 32, 40, 65,

83, 84 and 98

were not discussed with my client.

Mr. Asselin is ready to respond to

orders 40, 83 and 84 this morning.

We can agree there are two categories:

those that specifically touch on
documents or information

my client is personally aware of.

The others should be addressed
to Mr. Lacroix or Norbourg.

Where are you going with this?

Well, until now,
we haven't made a distinction.

But I must inform you that my client

will no longer answer questions
relating to these orders.

You should ask Mr. Lacroix these questions.

That's up to your discretion.

Mr. Asselin, I'll ask you to consult

the Norbourg financial statement for 2003.

What other animal can I have in my house?

Maybe chickens?
What sound do chickens make?

They go…

I feel like we've barely spoken
since you met with the Authority.

Yeah, I know. I'm sorry.

I've been busy
with my business in Beauport.

But there's nothing new.

They're asking the same questions
in different ways.

Don't worry about it.

Well, the matter obviously isn't settled,
because I got a summons to appear.

Oh yeah?

Of course, the questions
got more and more specific.

From before my time,
stuff I had nothing to do with.

Maybe Kingsley thought it would be better
if you answered instead of me,

so we don't get mixed up or something.

Yeah, we have to get our stories straight
so we don't contradict each other.

We won't contradict each other.
I haven't strayed from my story.

Vincent,

I know Norbourg
is going through a tough time.

You'll get through it. You always do.

"You'll get through it?"

We'll get through it.
I'm with you 100%.

Don't worry. I'm on it.

Bernier gave me an update
on your voluntary disclosure.

It's ironclad. It'll shut them up.

Think you'll have more time
for the office these days?

I'm not sure about Giguère. It's like…

He doesn't fit in.

We'll keep an eye on him. Don't worry.

See you Monday.

Listen, this is some story
you're telling us.

Yeah.

When did you decide
to report what you discovered?

A few days ago.

When I found the irregularities…

I got worried, so I came to see you.

Like I told you, it took a while to get
a clear understanding of the situation.

At first, I found the custodian's
business structure very complex,

a lot of intermediaries.

I started asking questions,
and he told me that's how it works,

that it's always been that way.

Who?

Vincent Lacroix.

Then I discovered how he hid it.

OK, let's go back a little.

How exactly did you find out
the Molton Trust statements were falsified?

I saw a real one I wasn't supposed to see.

The discrepancy was huge.

When I explain the system used
to tamper with the reports,

the false numbers
I unknowingly sent to investors,

you'll see just how well
it was all organized.

We have all the time in the world.

Yeah.

Exchange-traded funds, or ETFs,
are a good way to diversify your portfolio.

So for more conservative investors,

numerous ETFs specialize
in low-volatility stocks,

bonds, government bonds,
the S&P 500, etcetera.

What would you tell viewers at home
wondering how to invest in ETFs?

I'd tell any first-time investor listening

not to do it alone.

Work with an advisor.

Your advisor can invest
in an ETF in your name.

TRANSFERRING FILES

You have a lot of reading to do.

You can draw your own conclusions.

So what do I do now?

Until we have enough proof, you stay put.

I have to get more information?

You're asking me to go
from witness to double agent.

How much in total?

Seems like it's over everywhere.

It's more than we thought,
but I think we can absorb it.

How much?

If we go with scenario A,
to be safe,

Norbourg should disclose
a sum of about $63 million.

So we'd have to pay about $21.3 million

in federal and provincial taxes.

$21 million?

Jesus Christ!
At first, Éric said $12 million.

Luc, you told me $14 million.
Now I'm at $21 million?

What the fuck?
That's practically double!

Yeah.

With that, Vince,
we're buying peace for five years.

Thank you.

Listen…

I asked you here tonight…

because you're all important players.

You stayed loyal.

Look, I'd like to offer everyone
a stake in Norbourg.

But I don't know how to divide it.

I don't want any fighting.

So…

I've decided to give everyone a fixed sum.

To thank you.

For your loyalty.

Excuse me.

It's a first draft
of my analysis of the situation.

I can continue my analysis, but…

I need certain guarantees.

We're listening.

I want full immunity
against any potential legal action.

I want physical protection,

'cause I won't make any friends
spilling dirt on Norbourg.

I want a permanent position
in public service and $1 million.

Listen, Asselin…

Those are quite the demands.

We don't have the authority
to settle that here.

Well, hurry,
'cause he's burning through the cash.

He just spent $2.6 million
on an inn in Magog.

He bought the Grand Café
for $750,000 cash.

And he's about to buy Chez Parée!

He wants to give me $900,000.

He says it's for past services.

He's doing the same
for Bernier, Davila and Bilodeau!

He's trying to compromise them
and buy their loyalty.

So what do I do?
Do I take the check?

Or I give it to you to deposit?

Well, we can't tell you what to do.

Well, that's too bad then,
but I'm not showing my face there again.

If you choke, the little deal
you're trying to negotiate…

Was there anyone at the firm before you
who can corroborate your story?

I don't know.

Well, think.

And to help you think, Éric,

we learned you received
some very generous bonuses in February.

If you want to take that road,
I can just go to the cops.

I want compensation.
That's non-negotiable!

Without me,
you wouldn't know squat about Norbourg.

I have here a written confirmation
from the IMET

that nothing in your statements to us
and no documents you've provided

will be used against you.

You think I'm gonna negotiate
with a gun to my head?

No, this isn't a negotiation.

It's our final offer.

You don't have to sign it,

but if I were you,
I'd sign it, and fast.

You know, we looked into you closely.

Bullshit!

Fine.

If you want, we could look into
the fascinating file

on your brand-new little castle
on Harfang Street in Beauport,

paid for in cash on June 7.

No matter what way I look at it,

I can't figure out how so much cash
just drops into the company coffers.

Listen, with Norbourg International,
the Bahamas,

it's gotten so complex that
only Vincent really knows how it works.

Well, I have to understand
where the funds come from,

'cause we can all see how they're spent.

Private jets,
offices all over the province,

box seats at the hockey stadium…

Vincent can't spend like this forever.
We'll hit a wall.

Has it ever crossed your mind that
maybe Vincent is financing acquisitions

by dipping into the investment funds?

Of course not. There's no way.

Norbourg is too scrutinized.

I don't know, Éric.

I don't want to believe it,

but I've got Bernier saying I'll never see
the books at Norbourg International.

I'll talk to him.

Don't worry.

I repeat, the accounts are fine.

Luc, could I please

have access to all the accounts
for every branch of Norbourg?

Jesus Christ!

I'm VP of compliance.

So if I want to see the accounts,
you show me the accounts.

Is that clear?

Over my dead body.

Francis, I want access
to the Norbourg International accounts.

Give him the codes.

Log me in.

Log me into the NAI account,

account 23-01-34-16
at the Bank of Montreal.

Go.

Could you give us a moment, Francis?

OK…

Jesus…

The transfers are from the Evolution Fund,
Unicyme and Canadian Equity.

The money shouldn't be transferred there.

Investor dollars
should be in trust accounts,

not at Norbourg International!

What's this?

Over $6 million sent to
Vincent Lacroix's account on July 22.

It's the first $6 million payment
for his voluntary disclosure.

That's where he got it.

Asselin, this is fucking crazy!

We absolutely have to
report this to the Authority.

Let's go to my office. Come.

Bilodeau! Come.

Shut the door, please.

Éric, it's fucking millions!
We have to stop it.

Calm down. Sit.

You have to go to the RCMP,
not the Authority.

We're in contact with them.

What's happening here is madness.
I just found out.

Yes, Mr. Brunetta. It's Éric Asselin.

I have another colleague ready to talk.

You looking for someone?

Giguère isn't here today.
Apparently, he called in sick.

I don't know.

Listen, we got the loan agreement documents
from Dominion Investments.

Send them over. I'll take care of it.

This here…

is the 12th floor.

Bilodeau's office, Bernier's office…

and Vincent Lacroix's.

You need a code to get in.

There are a lot of files in there
you'd find very interesting.

I've rarely seen such a proactive witness.

I've held up my end of the deal.

Can I at least know
when you'll move in?

I'd rather not be around that day.

If I were you, I'd stay away
from the office later this week.

THURSDAY, AUGUST 25, 2005

Hold up your plate.

You'll make the next one.

Yeah. Thank you for coming.

RCMP! All employees,
please exit your offices immediately.

No one touch a thing!

RCMP?

Put down your document.

Sir, I'll ask you to
please put down that file.

Step away from your desk.

Very bad news today
for thousands of small investors.

We all know how hard it is
to grow your savings for retirement.

A major fraud was uncovered
at Montreal company, Norbourg,

a large investment fund manager.

Yves, the company led by Vincent Lacroix
is alleged to have embezzled $70 million?

That's right.

The AMF, assisted by the RCMP
and provincial police,

investigated the notorious Vincent Lacroix.

…from December 31, 2004.

The company claimed to have $155 million,

when they in fact had $85.

I have to present myself as another
fraud victim like the other investors.

…false financial statements
for the past three years,

fabrication and falsification
of documents,

embezzlement,
at least 5,000 investors defrauded.

Pierre, it could be as high as 10,000.

It's my only chance.

Over 5,000 investors,
clients of Norbourg,

are wondering if they've
lost their entire investments.

The AMF is accusing the company
of embezzling $70 million

and has ordered them
to cease all activities.

Criminal charges may be filed…

After many long years before the courts,

after several attempted
class-action lawsuits,

the 9,200 investors swindled by Norbourg

failed to recover
their entire original investments.

Some were ruined.

Found guilty of fraud
on an unprecedented scale

in Quebec judicial history,

Vincent Lacroix still served
less than three years in prison.

He is now free and rebuilding his life.

As for Éric Asselin, he did not stand trial

and was not convicted
in the Norbourg scandal.

He was, however,
found guilty of bankruptcy fraud in 2013.

Translation by Elisabeth Gillies

Subtitles by MELS