Former student accused of fraud

Self-made CEO, accused of defrauding shareholders of $8M, surrenders yesterday

Dave Brooks, Comm ’07, met Adam Spencer at the Queen’s Advancing Canadian Entrepreneurship (QACE) conference in November 2005, where Spencer was a guest speaker.

The conference’s logistics officer, Brooks heard Spencer speak about founding his company, Emexis Integrated Solutions, Inc., and then he had dinner with him.

“He was an incredible speaker, very motivating and inspiring. He spoke strongly about passion and following your dreams and not letting anyone stand in your way,” Brooks told the Journal in an e-mail.

“He unfortunately neglected to mention that the police were on the list of people to overcome.” On Jan. 11, the Toronto Police Service Fraud Squad made public their investigation about Spencer, who allegedly fled with $8 million raised by investors in his company.

Police said between September 2005 and May 2006, Spencer, on the pretence of taking his company public, began offering company shares and warrants to numerous people.

Canadian Press reported that after selling Emexis shares to investors, Spencer later told them the firm would remain private and that he would buy back their shares.

When that never happened, several investors successfully fought Spencer in court and received some of their money back. According to one investor, up to 90 other investors never saw their money returned, reported Canadian Press.

His company’s website describes him as “attending Queen’s,” but Alumni Affairs has no record of Spencer graduating.

--with files from Matthew Trevisan

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