What a Queen's Commerce Degree Leads to...

Canadian Universities Forum (discussion group)


 
 
Subject: What a Queen's Commerce Degree Leads to...
Fraud suspect surrenders

January 15, 2007
Betsy Powell
Crime Reporter

A 25-year-old Oakville man who police alleged disappeared before Christmas along with an estimated $8.4 million from 100 investors turned himself into authorities this morning.

Dressed in a long black coat and keeping his head down, Adam Spencer kicked the snow off his boots against a wall before heading inside 52 Division with his parents and a legal representative shortly before 9 a.m.

He will be charged today with defrauding the public and failing to account, said Det. Jeff Thomson of the fraud squad. The former president and CEO of an information technology company may have a bail hearing this afternoon at Old City Hall but it´s also likely he could spent the night in a jail cell.

A Canada-wide warrant was issued for his arrest Dec. 6 after he broke a promise to surrender, Thomson said.

While there have been numerous reports about his whereabouts, it appears the young man was in Chicago. Investors attempting to track his movements were tipped off that Spencer´s father had travelled there over the weekend to urge his son to return to Canada, sources said.

Halton Region Police also have a civil warrant for Spencer´s arrest that was obtained by a lawyer representing several investors.

Police allege that between September 2005 and May 2006, investors bought shares in his company, Emexis Integrated Solutions Inc., at 50 cents each, with the option to purchase an equal number of shares at 75 cents. Spencer had promised to take this company public but then changed his mind. To compensate them, the former Queen´s University student promised he would buy back all their shares for $1 apiece.

Some investors have already sued Spencer. Only a handful recovered their money, along with what was promised as a return on investment and court costs.

Spencer, who fancies himself a motivational speaker, was living with his parents in a $1.7-million home tucked in a wooded enclave in Eastlake, which is near the Ford plant in Oakville.

Spencer set up shop in loft-like offices on the fourth floor of a building on Peter St. in Toronto. It has since closed. But the website is still up and says the company offers clients an "unmatchable industry standard of service" and an approach "that is unique."

More investors alleging they were defrauded by Spencer called police over the weekend, Thomson added.

[16-01-2007,06:16]
Anonymous
(in reply to: What a Queen's Commerce Degree Leads to...)
Wow, unbelievable, eh?
[16-01-2007,13:13]
Anonymous
(in reply to: What a Queen's Commerce Degree Leads to...)
LOL...So what? People go to jail every day without a degree. What does this have to do with Queen´s Commerce?
[16-01-2007,17:15]
Anonymous
(in reply to: What a Queen's Commerce Degree Leads to...)
commerce students have barely any skills when they graduate. All they know is buzzwords like "unique"...

Motivational speaker... How amusing. Maybe his dad can get him out of this mess... Thats how most Queens students deal with their life problems: get help from rich daddy.



[18-01-2007,19:03]
Anonymous
(in reply to: What a Queen's Commerce Degree Leads to...)
His daddy and family are a bunch of poor jews. that´s hwy he stole the money becasue his life sucked and and he wanted to be someone
[26-04-2007,12:55]
Anonymous



Canadian Universities Forum at Canada City Web Site | Start Home Based Business in Canada | Canadian and International FLP Business