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Police across Canada are searchingfor a young Oakville man who alleged-ly bilked millions of dollars fromunsuspecting investors.

A Canada-wide warrant has beenissued for AdamSpencer, 25.

Spencer was pres-ident and CEO of anupstart informationtechnology companyand a motivationalspeaker.

But with his com-pany’s Toronto officesclosed and his where-abouts unknown,police allege, his realjob was fleecingscores of investors of$8 million.

“The long and short of it is I invest-ed a bunch of money with a few otherfellows and we got taken to the clean-ers,” said Peter Leupen, who invested$80,000 in Spencer’s company, EmexisIntegrated Solutions Inc.

All bought in to Spencer’s “slick”sell and lofty business plan that prom-ised investors hefty returns on theirmoney once he took his private com-pany public.

“Certainly, he talked a great story,”said Leupen, who is in media sales. Noone suspected that the recent universi-

ty graduate livingwith his parents inOakville had con-cocted a “sophisticat-ed fraud,” accordingto one of several law-suits filed against theformer Queen’sUniversity student,who is wanted on aCanada-wide warrantfor fraud.

Police allegebetween September2005 and May 2006,investors bought

shares in Emexis at 50 cents each withthe option to purchase an equal num-ber of shares at 75 cents with the viewto taking the company public. ButSpencer told them later he hadchanged his mind and it would remaina private firm.

To compensate them, he saidhe would buy back all theirshares for $1 apiece. But thatnever happened and the moneycollected was never returned.

At one point last year,Leupen received an email fromone of the company’s threevice-presidents telling him hismoney was with the CIBC, butthat the “delay was simplyunavoidable in light of Enron.”

The bookish young man,who has delivered lectures toentrepreneurial conferences athis alma mater, attended a 2004conference in Washington D.C.where he addressed a forumthat brought together “thoughtleaders.”

It appears he had been livingthe high life, hob knobbingwith race car drivers and spend-ing his summer weekends cut-ting through waves in his$120,000 Mastercraft X-Starboat.

Property records show thathe and his parents, John andElizabeth Spencer, bought a$1.7 million home in Oakvillelast January, just months beforeinvestors started asking ques-tions about where their moneywas.

He drove a $45,000 MiniCooper.

Police have been question-

ing neighbours in the woodedenclave of Eastlake, in eastOakville trying to get informa-tion about Spencer’s where-abouts.

Its value is uncertain. When it came to setting up

shop, Spencer picked loft-likeoffices on the fourth floor of abuilding on Peter St. in theheart of Toronto’sEntertainment District.

According to the firm’s web-site, which is still up and run-ning even though the companyis not, Spencer worked therewith a small team offeringclients an “unmatchable indus-try standard of service” and anapproach “that is unique.”

“The timing is now for

Emexis to succeed,” it reads.“Should you choose to invest,you will be associated with ayoung and aggressive manage-ment team comprised of lead-ers with proven skills andentrepreneurial track records.”

A sign is now taped over thecompany’s sleek blue logo onthe door outside the open-con-cept offices that have polishedwooden floors and exposedbrick walls. A man in an officeacross the hall yesterday saidthe landlord locked the staff outabout three months ago andauctioned off the furniture forunpaid rent, although a fewpricey-looking items remain,including a plush dark brownsofa and area rug.

The office neighbourrecalled chatting with Spencera few times and was struck byhis lofty ambitions.

“He was talking about takingover our offices,” he said, shak-ing his head. “There was notomorrow, all today.”

He said he didn’t know whatthe company did and even histechnology-minded associatecouldn’t figure it out even aftervisiting the website.

Contacted on the phoneWednesday, Chris Celovsky,who was once a vice-president

Young CEO accused of stealing millions

■ By Betsy Powell and John DuncansonTorstar Wire Services

Adam Spencer wanted inconnection with $8M fraud

Adam Spencer

NOT AT HOME: Elizabeth and John Spencer, parents of Adam Spencer — who’s wanted on a Canada-wide warrant in connection with an investment fraud — live in this house on Avon Crescent in Oakville.

BARRIE ERSKINE / OAKVILLE BEAVER

“The timing is now forEmexis to succeed.Should you choose toinvest, you will be associated with a young and aggressivemanagement team comprised of leaders with proven skills and entrepreneurial trackrecords.”

■ Emexis website

■ See Race page 13