Vincent Lacroix, the former head of Norbourg who pleaded guilty to fraud charges last month, was sentenced to 13 years in prison at the Montreal courthouse on Friday.
Quebec Superior Court Justice Richard Wagner ruled that Lacroix's 13-year term will run consecutively to a five-year sentence Lacroix ended up with for securities violations related to the same crimes.
His defence lawyer was satisfied with the sentencing, which is one of the stiffest handed out in Canada for white-collar crime.
"I believe this is a fair sentence," said Marie-Helene Giroux. "The 13 years as an appropriate and reasonable sentence."
In a surprise move, the disgraced financial advisor pleaded guilty to all 200 fraud-related charges against him in late September, before he was to stand trial.
The guilty plea was followed by an open letter to his victims, in which he admitted he was obsessed with money and power, and apologized for his actions.
The judge was unmoved, and described Lacroix as a manipulative narcissist.
Investors watched
Lacroix was charged with defrauding 9,200 investors out of more than $100 million when he was at the helm of the now-defunct financial company.
So many of them came to watch the sentencing that a separate viewing room was set up with a closed-circuit TV feed.
Jean-Guy Houle, who lost $200,000 to Lacroix, watched the verdict with his granddaughter Daphne.
"I find that the sentence was fairly light or all the things he did," said Daphne Houle.
Norbourg five still on trial
Five people who worked with Lacroix at Norbourg are still standing trial on fraud charges.
The crown had been seeking 14 years in prison for Lacroix, the maximum allowed under the law.
The defence had argued that 10 to 12 years would be a reasonable sentence.
Last month, the Quebec government announced it would distribute about $7 million to investors duped by Lacroix.
With files from The Canadian Press
