Fraud whistleblower admits to his own financial scam

QUEBEC CITY - The ex-securities auditor who blew the whistle on one of Canada's biggest financial scandals admitted Thursday to running a fraud scam of his own.

Eric Asselin, who helped to take down the Norbourg investment firm, was sentenced to three years in prison for filing a $ 1-million bogus bankruptcy.

The former investigator with Quebec's financial watchdog pleaded guilty in a Quebec City courtroom to one count of fraud for a 2007 bankruptcy filing.

Asselin had left the watchdog to become a Norbourg manager in the early 2000s and soon grew suspicious of company CEO Vincent Lacroix.

He tipped off financial authorities to irregularities at the Montreal firm, leading to RCMP raids that resulted in Lacroix's arrest.

Some 9,200 Norbourg investors had been bilked of $ 115 million as company executives used clients' money to throw lavish parties and cavort with strippers instead of investing the funds as promised.

Lacroix was sent to prison in October 2009 after pleading guilty to nearly 200 criminal charges. He has since been released to a halfway house.

Several other Norbourg executives have also been convicted in the massive financial fraud.

The RCMP granted immunity to Asselin for his co-operation but authorities later discovered he had masterminded a separate scam.

He used fake names and false financial statements to hide money from creditors, and also made false statements during civil bankruptcy hearings.

A bankruptcy can be considered fraudulent when a person accumulates debts that he knows he can't repay.

Read More @ Source

Edinburgh and East - Mon, 2 Jul, 2012

The Serious Fraud Office is considering whether to bring criminal charges against bankers embroiled in the latest scandal. In other news: New rules to protect deposits lodged by people renting properties came into force today. The Queen is in Scotland to mark her Diamond Jubilee with a week-long schedule of engagements. Organisers of the Olympic football matches at Hampden are hoping Spain's success in Euro 2012 will produce a surge in ticket sales. Around forty firefighters have been tackling a huge fire in West Lothian. Officials have travelled to Belgium in a bid to bring part of the Tour De France to Scotland. Perth has been awarded six-hundred and fifty-thousand pounds to restore and repair its historic buildings. The funeral of Cheltenham-winning jockey Campbell Gillis will take place in the capital on Friday. Police are appealing for witnesses after a woman was indecently assaulted in Musselburgh on Sunday morning. A man who died after he was hit by a lorry on the Edinburgh City Bypass has been named today. And in sports: Edgaras Jankauskas has returned to Tynecastle to join the Hearts coaching set up as assistant manager. Paul Cairney says signing for Hibs is the highlight of his career. STV News has learned that Charles Green held a meeting with the remaining Rangers players today at which he attacked those who have opted not to transfer their contracts to the newco. Stuart Pearce says he didn't pick any Scots for The Olympics because they simply aren't good ...

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