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Police accuse Oakville man of $8M fraud

By Brandigal (Donna)     Jan 12, 2007 in Crime
He's 25, a CEO, and now wanted by police.
Adam Spencer,25, is wanted by the police on a Canada-wide warrant for fraud.
He was was president and CEO of Emexis Integrated Solutions Inc. and now he is wanted for stealing $8 million of investors money and disappearing.
He is alleged to have investors buy shares in Emexis at 50 cents each with the option to purchase an equal number of shares at 75 cents with the view to taking the company public. But Spencer told them later he had changed his mind and it would remain a private firm. To compensate them, he said he would buy back all their shares for $1 apiece. But that never happened and the money collected was never returned.
He and his parents bought his parents a 1.7 million dollar home in Oakville, just a few months prior to when his investors began to question where their money was. He had a $120,000 Mastercraft X-Star boat and he drove a Mini Cooper, which had a lien against it for $45,000.
The website is still up and advertising for investors even though the company is no longer.
I hope they get this person but I fear the investors will never get their money back.
More about Oakville, Fraud, Investors, Investing