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www.oakvillebeaver.com The Oakville Beaver Weekend, Saturday June 7, 2008 - 9 Youthful Oakville con man pleads guilty in $8-M fraud By Emily Mathieu Torstar News Service CABINET REFACING AFTER A group of fleeced investors turned up at Toronto court to share the havoc and ruin a youthful Oakville con man brought into their lives. "This has truly been devastating and has affected my family relationships," said Karen Garscadden, reading a victim impact statement in Old City Hall court yesterday prior to sentencing for Adam Spencer, who defrauded more than 80 people for a reported $8 million. Between September 2005 and May 2006, Spencer, now 27, convinced people to invest in his company, Emexis Integrated Solutions Inc., promising hefty returns when it went public. Spencer used the funds to purchase a $1.7 million home, a condominium, a racing boat and an engagement ring valued at $60,000 -- and he also sponsored a race car driver. "My conduct was wrong and I know it had a profound impact on many people's lives and for that I am sorry." Adam Spencer Adam Spencer tution orders for the victims, although he said it's unlikely losses will ever be fully recovered. "I just don't know how he can live with himself," said Cherry Nicholas. In total, Nicholas' family lost more than $200,000 to Spencer. "I thought I was investing in a young company." Spencer is accused of defrauding a U.S. citizen for an estimated $1.5 million (U.S.) while out on bail in 2007. It is alleged Spencer sold the man what he believed was a freighter of cement. Thursday Spencer's Oakville parents, who posted a $500,000 bail for their son, sat in the front row. Throughout the trial Spencer stared straight "I just don't know how he can live with himself. I thought I was investing in a young company." Fraud victim Cherry Nicholas Then he disappeared, returning from Chicago in January 2007 in the custody of his father after a Canada-wide warrant was issued for his arrest. He then surrendered to police. Garscadden, who met Spencer when she was planning his wedding, lost more than $30,000. The experience has exposed her to ridicule, she said. More than a dozen victims and relatives were in court Thursday. Crown Attorney Jody Milstein read from a collection of victim impact statements from investors detailing how Spencer "tainted my view of mankind" and destroyed their hopes and plans for the future. "He basically put us out of business," Eric Strong said outside court. Strong was the co-founder of a digital distribution company in which Spencer had promised to invest $5 million. The money never came and later Spencer pretended to own the business to raise capital, according to Strong. "I just want to observe justice," he said. "Clearly, this is a tragic situation," said Justice Richard Schneider. The "massive complex fraud" organized by Spencer had a "disastrous impact" on investors and Spencer's family, he added. Thursday, Spencer pleaded guilty to one count of defrauding the public, one count of fraud over $5,000 and failing to comply with recognizance. He was sentenced to six years for each charge, all terms to be served concurrently. Including the 360 days served in pretrial custody in the Don Jail, his remaining prison time is three years, and he will be eligible for parole in one. The judge issued free-standing resti- ahead, turned only to his parents during a statement in which he apologized to them and investors and said, "My conduct was wrong and I know it had a profound impact on many people's lives and for that I am sorry." "He's destroyed several lives," Det. Jeff Thomson of the fraud squad said outside court."Several people have had to come out of retirement ... There is one family that has to have medical treatment for the husband and basically can't afford it." Spencer's properties and vehicles have been seized by the bank and as a result of class action lawsuits currently before the courts, said Thomson. Some victims have recouped some money, but not all. Whether they will all get their money back remains to be seen, Thomson said. "Your guess is as good as mine. I would say not very likely." BEFORE We can transform your existing cabinets with new doors andlaminate in your choice of style & colour. Select complimentary hardware & have the kitchen of your dreams. No Payments, No Interest for 6 Months O.A.C. Visit our showroom or call for your FREE In Home Consultation 1313 Speers Road, Oakville · 905-847-8964 Mon. - Fri. 9am-5pm, Sat. 10am-4pm www.granitetransformations.ca SPACE AGE SHELVING The Storage Specialists New to the Community? Welcome to the neighbourhood. We have free information & gifts reserved for you. 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