Vincent Lacroix, the former chief executive officer of Norbourg Asset Management, which went bankrupt, qualifies for a legal aid attorney, Montreal Gazette reports.

Lacroix faces a class-action lawsuit with 9,200 plaintiffs who want the $130 million they held in Norbourg mutual funds returned to them. One class-action member said he was "sickened" by the "farce" that the state will pay for Lacroix's defense out of taxpayers' money.

Lacroix faces fines of up to $5 million and up to five years imprisonment for each of the 51 charges against him.

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