Adam Spencer, 26-years-old, and former (CEO) of Emexis Integrated Solutions Inc. turned himself in yesterday morning. His family and his lawyer were with him.
This came after a Canada-wide police search was started on January 12, 2007. The Oakville, Ontario man disappeared last year after asking for money from Canadian investors to help his company Emexis go public. However, Spencer did not take Emexis public as promised.
Eighty-nine investors, who, at the time, believed Spencer, have come forward to police.
"The long and the short of it is that he did not meet his obligations in terms of what he promised his investors," Mr. Peter Leupen, one of the investors who helped Spencer, said. "He promised us a dividend on an initial investment and that never happened."
"He's genuinely dishonest, I think he's immature and putting the best gloss on it, he let the money he was collecting go to his head. He was spending it like a drunken sailor on boats, houses, race cars, everything but what he was supposed to be spending it on," Mr. Symon Zucker, a Toronto lawyer who the investors sought help from.
Spencer was last seen before Christmas and recently returned to Canada. Detective Jeff Thompson said Spencer was in Chicago, Illinois for the weekend.
"It appears that he was not in any hurry to face the music," said Thompson.
Spencer will go to a Toronto court on Monday.
"Canadian CEO accused of fraud, suspected to have fled country" — Wikinews, January 12, 2007
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Canadian CEO surrenders to police