A Utah man who touted a revolutionary new smartphone for a number of years however failed to provide one, has been charged by the US Lawyer’s workplace in Utah with securities fraud. a brand new submitting exhibits. Chad Leon Sayers solicited roughly 300 buyers to speculate $10 million in Saygus, promising “imminent billion-dollar success,” in accordance with the Justice Division.
As a substitute of utilizing the funds he raised to create the promised smartphone, he paid private bills and money owed, and paid older buyers with funds he raised from newer ones, which the US Lawyer’s workplace in Utah known as “Ponzi-like.” Sayers allegedly spent $2.17 million of the cash raised on workplace hire, about $800,000 of the funds to settle different lawsuits, $500,000 on authorized charges, $145,000 on buying, leisure, and private care, and about $30,000 on his private bank card.
Based on the US Lawyer’s workplace, Sayers started soliciting the funds in 2006, and used emails, social media including Twitter, and investor newsletters to influence folks to spend money on the telephone and supply “updates” concerning the telephone’s launch.
Saygus touted its first VPhone—which boasted a sliding keyboard— in 2009, and confirmed off what it stated was the Saygus V2 on the Worldwide Client Electronics Present (CES) in 2015. The Verge obtained a peek:
It’s not essential to say one thing is “nice on paper.” Saygus has created what it’s known as a “tremendous smartphone,” and in some ways it looks like they checked out a spec sheet and stated, “we will make this look actually good.”
The Saygus V2 has a 5-inch, 1080p show and encompasses a 2.5GHz quad core Snapdragon processor with 3GB RAM, powering Android 4.4.4 KitKat. Saygus says the V2 designed for the media junkie, which is to say it boasts as much as 320GB of storage — 64GB inner with two MicroSDXC slots. It’s obtained a 21-megapixels rear (with dual-LED flash) and 13-megapixel front-facing digital camera. The V2 additionally has Harman Kardon audio system, a biometric fingerprint scanner, built-in Wi-fi Qi charging, root entry for builders… look, there’s a lot to like on this telephone. The design isn’t significantly impressed, however the body is pretty small and sturdy.
However that telephone by no means got here to move, both. Android Police has been holding an in depth eye on the Saygus saga for a number of years (they actually have a separate Saygus part!), and their archives have lots of the twists and turns of this very bizarre story.
A jury trial for Sayers is scheduled to start August thirtieth.
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