CEO of Saygus smartphone company that never released a phone charged with fraud

This is the Saygus V2, which authorities say was never released.

A Utah man who touted a revolutionary new smartphone for several years but failed to produce one, has been charged by the US Attorney’s office in Utah with securities fraud. a new filing shows. Chad Leon Sayers solicited approximately 300 investors to invest $10 million in Saygus, promising “imminent billion-dollar success,” according to the Justice Department.

Instead of using the funds he raised to create the promised smartphone, he paid personal expenses and debts, and paid older investors with funds he raised from newer ones, which the US Attorney’s office in Utah called “Ponzi-like.” Sayers allegedly spent $2.17 million of the money raised on office rent, about $800,000 of the funds to settle other lawsuits, $500,000 on legal fees,…

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