The man who admitted to one of Canada's biggest financial scandals pleaded for leniency at his sentencing hearing Friday, telling a Montreal judge that he has sought rehabilitation while co-operating with authorities at every turn.
Lacroix addressed a packed courtroom for two hours, telling Justice Richard Wagner that he shouldn't be compared with other convicted fraudsters because he used client's money to make financial acquisitions.
The former head of the Norbourg firm also told the judge that he is a changed man, and has directed his clients to bankruptcy trustees so that they could recoup their investments.
Lacroix then apologized to his victims.
"My megalomania made you all suffer," said Lacroix. "I realized it when it was too late. But I now suffer from it. I'm asking you to forgive me 9200 times. My goal is to help you all."
Several of Lacroix's victims, including Jean-Guy Houle, were in the courtroom.
They did not appreciate Lacroix's statement.
"He should be in Hollywood," said Houle.
Prosecutor Julie Riendeau did not believe Lacroix's show of contrition either.
"It's the position of the crown that there's almost no remose from Mr. Lacroix in this case," said Riendeau.
Probation agents believe Lacroix is at the risk of reoffending because he still wants to work in finance.
Admitted to fraud
He pleaded guilty Monday to 200 charges related to the scam that saw 9,200 investors swindled out of $100 million.
Lacroix had earlier been convicted on securities charges in 2007 and was released into a halfway house in July after serving 18 months in prison.
His lawyers unsuccessfully argued that Lacroix's Charter rights were being violated because he was charged for the same crimes under two different bodies of law.
But Justice Wagner has already ruled that although the securities trial was similar to the criminal proceeding, the two cases are not identical.
Several of his alleged co-conspirators still face criminal charges.
Quebec says it will distribute about $7 million to investors duped by Lacroix.
That works out to roughly $650 per victim.
Previous sentence reduced
The crown is asking for Lacroix to serve 14 years in prison, the maximum allowed under the law.
The defence says 10 to 12 years would be a reasonable sentence.
"He realizes he's done bad, that there are people behind these numbers," said Marie-Helene Giroux.
At the end of Lacroix's first trial, he was sentenced to 12 years less a day in prison, but the sentence was eventually reduced to eight years, then five.
His 18-month prison stay outraged his victims, but it's common practice in Canada to release non-violent offenders once they have served one-sixth of their sentence.
There's now a movement afoot to label financial crimes as a type of "moral violence" which could then be taken into account at parole hearings.
Justice Wagner will hand down his sentence on October 9th.
