samkorn's blog

It's about time that the Surete du Quebec (Quebec Provincial Police) has finally laid criminal charges against the four principals in the massive Cinar-Norshields fraud dating back to 1998, which swindled thousands of Montreal and other investors of much if not all of their meagre life savings.

The latest development in an ongoing 8 year-long investigation of this scandal has seen Ronald Wineberg and Hasanain Panju, former president and CEO of Cinar Corporation, John Xanthoudakis, president of Norshield Financial Group, and Lino Matteo, president of Mount Real, arrested by the SQ and appear in Quebec Court on numerous criminal charges related to the $400 Million fraud.

Could this possibly mean that criminal charges and arrests in the $130 Million, Ponzi-style Mount Real fraud are not far behind? Although anything is possible, don't hold your breath waiting until that happens!

The news that Mount Real's president, Lino Matteo has been arraigned, albeit solely for his role in the Cinar-Norshield scandal, must come as bittersweet for 1,600 Mount Real victims who have been patiently waiting some 6 years for their day in court. For some elderly investors, however, who have no doubt since passed away over the years and will never have the satisfaction of seeing justice done, all this obviously comes as too little, too late.

Given the fact that Vincent Lacroix of Norbourg and Earl Jones have long already been tried, convicted and sentenced to jail terms for similarly defrauding countless other investors, why therefore has it taken Quebec authorities so long to bring the above-mentioned four swindlers to justice? How much longer will it be before THEY are possibly convicted and placed behind bars where surely they belong?

Justice delayed is justice denied!