Molly
01-12-2007, 06:34 PM
TORONTO - Police are hunting for a man who allegedly swindled $8 million from Toronto-area investors who thought they were pumping money into his burgeoning technology company, officials said Thursday.
Authorities issued a Canada-wide arrest warrant for 25-year-old Adam Spencer of Oakville, Ont., who has left the city, said Det. Jeff Thomson of the Toronto Police Service's fraud squad.
Spencer, founder and chief executive of Emexis Integrated Solutions, allegedly defrauded 100 investors out of amounts ranging from $5,000 to as much as $2 million each in a couple of cases, Thomson said. "It ruined a lot of people."
Spencer allegedly told investors he was taking Emexis public and offered them shares in the company. Instead, he fled with their money, Thomson alleged.
Police don't know if Spencer is still in Canada.
From a downtown office, Emexis offered marketing and network support for Tablet PC, a type of laptop that lets users write on the screen itself instead of typing into a keyboard.
Chris Celovsky, Emexis's former vice-president of technology and systems solutions, said he hasn't seen Spencer since the summer and declined to say why he left the firm.
The Ontario Securities Commission does not have any active enforcement proceedings against Spencer or Emexis.
National Post
Authorities issued a Canada-wide arrest warrant for 25-year-old Adam Spencer of Oakville, Ont., who has left the city, said Det. Jeff Thomson of the Toronto Police Service's fraud squad.
Spencer, founder and chief executive of Emexis Integrated Solutions, allegedly defrauded 100 investors out of amounts ranging from $5,000 to as much as $2 million each in a couple of cases, Thomson said. "It ruined a lot of people."
Spencer allegedly told investors he was taking Emexis public and offered them shares in the company. Instead, he fled with their money, Thomson alleged.
Police don't know if Spencer is still in Canada.
From a downtown office, Emexis offered marketing and network support for Tablet PC, a type of laptop that lets users write on the screen itself instead of typing into a keyboard.
Chris Celovsky, Emexis's former vice-president of technology and systems solutions, said he hasn't seen Spencer since the summer and declined to say why he left the firm.
The Ontario Securities Commission does not have any active enforcement proceedings against Spencer or Emexis.
National Post