{ "docId": "019dd923-622c-750b-8b99-265d3ab25ee2", "docSlug": "062cb2b9b6a4", "documentTitle": "Nuvei Corp (NVEI)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-12-09 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 14, "pageCount": 119, "prevPage": 13, "nextPage": 15, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "Uses red boxes to highlight the contradiction and the specific claims being challenged.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/14", "deckHref": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-14", "components": [ { "bbox": null, "kind": "callout", "text": "He didn't return to complete his undergraduate degree.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-e6ea-711e-a3e5-66ea01ff0a3e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.04, "y": 0.41 }, "kind": "image", "text": "Fayer's Bio In 2004 Says He Graduated From Concordia", "attrs": null, "subkind": "screenshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7387fc98-5e48-4896-b082-a070ed63b64a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.41, "x": 0.55, "y": 0.41 }, "kind": "paragraph", "text": "Fayer’s Profile In Canada’s National Post Six Years Later in 2010 Says He Didn’t Graduate", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "688d2a99-345e-4352-971a-e601c11b1ff8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.17 }, "kind": "paragraph", "text": "Another public source says he attended Valley Forge Military Academy and College in Pennsylvania, a college prep boarding school.(1) An article from the late 1990s discussing Valley Forge Military Academy says, “Military schools still have the reputation as a dumping ground for boys in trouble, and a significant number of current Valley Forge cadets fit the profile,” and further that “Honor codes that prohibit lying, cheating and stealing are fixtures at all military schools.” (1,2) According to his former public biography on the PaySystems website (2004), Mr. Fayer says he graduated with a Bachelor of Commerce from Concordia University and an Associates Degree in International Business from Northwood University. Six years later in a National Post article, Fayer was interviewed and it was reported he didn’t return to Concordia to complete his undergraduate degree.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9c1088f0-bfe3-4c35-ad18-b9a1a54da33e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.41, "x": 0.55, "y": 0.51 }, "kind": "paragraph", "text": "“He started Pivotal Payments during what was supposed to be a semester off while studying at Concordia University. “I definitely felt like my age was, and still is, a disadvantage,” Fayer said. “It just means I have had to recruit talented people that can help guide and build the business and who I can continue to learn from.” He didn’t return to complete his undergraduate degree.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c4ce8ccf-fe3b-4419-8a06-09ad22a679f7", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Military schools still have the reputation as a dumping ground for boys in trouble, and a significant number of current Valley Forge cadets fit the profile,\" and further that \"Honor codes that prohibit lying, cheating and stealing are fixtures at all military schools.\" — Baltimore Sun, May 31, 1998. \"He started Pivotal Payments during what was supposed to be a semester off while studying at Concordia University. 'I definitely felt like my age was, and still is, a disadvantage,' Fayer said. 'It just means I have had to recruit talented people that can help guide and build the business and who I can continue to learn from.' He didn't return to complete his undergraduate degree.\" — National Post, April 7, 2010.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-e6ea-711e-a3e5-6829870f8307", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.93 }, "kind": "source-note", "text": "1) “Philip Fayer, 31 Quebec,” June 2021, Globe & Mail\n2) “Military schools bask in attention to values, conduct But high tuition and long waiting lists are commonplace,” Baltimore Sun, May 31, 1998", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "31f26ad0-81fb-450d-ab8c-d26c2a4d47f3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.04, "y": 0.89 }, "kind": "source-note", "text": "Source: Wayback Machine, PaySystems 2004 (Red emphasis Spruce Point)", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3fc35a01-6933-42d2-a46d-feb0682f40fe", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.41, "x": 0.55, "y": 0.89 }, "kind": "source-note", "text": "Source: “Thinking Small Forges Big Payoff,” April 7, 2010, National Post", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "836dd2f7-8d15-41b6-9f35-4ddb988fb290", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.305, "y": 0.03 }, "kind": "title", "text": "CEO Fayer Has Misrepresented His Educational Credentials In His Past Public Biography", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "78f32370-72b3-4560-8b46-d6bdd8019a37", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "2f2d2e35-d5ea-4e4a-931b-806c68f1e9e9", "evidence": "The slide explicitly contrasts past claims with later evidence to expose a misrepresentation.", "confidence": 0.9 } ], "arcBeats": [ { "to": 20, "from": 11, "beatId": "374f173c-32c4-44e1-8ebd-2f113df75107", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The villain (Nuvei Corp)", "beatSlug": null, "evidence": "The deck critiques Nuvei's CEO and CFO, highlighting their past controversies.", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }