Police are now searching Canada-wide for 25-year-old Adam Spencer, a man with ties to the Oakville, Ontario and Toronto areas. He is a motivational speaker, and the founder/chief executive (CEO) of Emexis Integrated Solutions, an upstart information technology company.
First off, Spencer told investors between September 2005 and May of last year that he was making Emexis a public company, located in downtown Toronto. He allegedly took CAN$8 million from Canadian investors, defrauded 100 investors out of amounts ranging from CAN$5,000 to as much as CAN$2 million each in a couple of cases, and is on the run with their cash.
Police don't even know if he is still in Canada. They suspect that he could be in England because he has a passport there.
Spencer travels to car race events all around the world.
Wikinews will continue to follow this story as updates are known.
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Canadian CEO accused of fraud, suspected to have fled country