Ontario man accused of bilking investors of $8M
Last Updated: Friday, January 12, 2007 | 3:32 PM ET
CBC News
Police in Toronto have issued a Canada-wide warrant for the arrest of a 25-year-old man who they say defrauded friends and relatives of $8 million.
Adam Spencer, of Oakville, Ont., started raising money in 2005 on the pretext of taking his company public, and offered investors shares in the company, police allege. Instead, authorities say, he fled with the money in late 2006.
About 100 would-be investors lost money, and some have been ruined, police say.
The money was supposedly raised for Spencer's business solutions and technology consulting company, Emexis Integrated Solutions. An attempt to call to its Toronto office on Friday was met with a recording saying the number was out of service.
Police say they don't know if Spencer is still in Canada. He is known to travel to Vancouver and abroad and travelled frequently to attend car racing events.
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