CEO accused of fraud set free on bail
Published Wednesday, January 17, 2007 6:48PM EST
The former CEO of an information technology company accused of defrauding investors was freed on bail Wednesday evening.
Adam Spencer, 26, is accused of defrauding about 100 investors of $8.4 million. He appeared in court on Tuesday and the bail hearing continued through Wednesday.
The young man's parents posted $500,000 bail to secure Spencer's release from jail.
Spencer gave himself up to Toronto police on Monday. He was charged with fraud and placed in custody.
The young technology industry mogul was placed in a cell at 52 Division on the eve of his 26th birthday.
Spencer's company, Emexis Integrated Solutions Inc., reportedly sold shares to investors in advance of an initial public offering.
A Canada-wide arrest warrant was issued for him on Dec. 6 after Spencer reportedly failed to turn himself in to police.
It is believed that he had been staying with a friend in Chicago until his return to Canada over the weekend.
Police allege that Emexis sold shares to investors between September 2005 and May 2006, raising over $8 million.
Instead of taking the company public, Spencer allegedly disappeared with the investors' money, the Toronto Police Fraud Squad said last week.
Spencer, who lives with his parents in an upscale Oakville home, operated Emexis from a location on Peter Street in downtown Toronto.
The high-tech company was offering network and marketing support for Tablet PCs, the Toronto Star reported earlier this week.
Spencer is expected to appear in court again on Thursday.
With a report from CTV's John Lancaster