Disgraced financial advisor Vincent Lacroix, former president of Norbourg, is back in jail after pleading guilty in court on Monday to all 200 fraud-related charges against him.

The surprise guilty plea came as a jury was about to be selected for the criminal trial against Lacroix, who was accused of defrauding 9,200 investors out of more than $100 million.

Lacroix made the decision after Justice Richard Wagner rejected his request for a stay of proceedings earlier this month. Lacroix had asked for the charges against him to be dropped because the AMF, Quebec's financial securities regulator, had already found him guilty of the same charges. He was unsuccessful in convincing the judge that trying him in front of a criminal court would amount to double-jeopardy.

After Monday's guilty plea, Wagner ordered Lacroix to begin serving time immediately.

Five other people who worked with Lacroix at Norbourg are still on trial, and their jury selection is underway.

Some disappointment

Jean-Guy Houle, one of Lacroix's victims, said he was not happy that the former businessman is no longer going to trial.

Houle said he still wants to know exactly where his money went and felt that a trial would have provided answers.

"I find it very disappointing," said Houle.

Defence strategy

Lacroix's guilty plea comes after a complex defence strategy that ran all summer, according to defence lawyer Helene Giroux.

Earlier this summer, Lacroix -- who had already been convicted on 51 violations of Quebec's securities laws -- had his sentence for the AMF infractions reduced from 12 years to five years in prison, and was later granted parole.

"We were of the opinion that the sentence was illegal, so finally it was determined to be so by the court of appeal," said Giroux.

Lacroix spent almost 20 months behind bars before being granted bail in July and being transferred to a halfway house.

Sentencing later this week

With Monday's guilty plea, Lacroix could be sentenced to 14 years in prison on each count, to be served consecutively.

His legal team will be asking for Lacroix to serve 10 to 12 years, and they hope Justice Wagner will take his current five-year sentence into account.

The sentencing hearing is scheduled to take place on Friday.