Michel Fragasso, the chairman of the
While the police look for falsified documents, Quebec regulators, meanwhile, have ordered Norbourg to cease operation and have frozen its assets. In its latest financial results, Norbourg's assets came up $70.7 million short of its previous financial results, with $84 million remaining, regulators said.
Fragasso is a well-known businessman and entrepreneur who has served as chairman of the institute since December. The institute's board said it "has regretfully accepted the offer by Michel Fragasso to step aside as chair of IFIC, effective immediately."
Replacing Fragasso will be Brenda Vince, president of
The institute said it did not know the nature of the ongoing police investigation, which is being supported by the
More than 100 people joined the Royal Canadian Mounted Police in their raid, including locksmiths, forensic accountants and computer technicians, RCMP spokesman Patrice Gelinas told Winnipeg Free Press.