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CEO of Saygu’s smartphone company who never released a phone that is accused of fraud

A man in Utah who for several years spied on a revolutionary new smartphone, but failed to produce one, has been charged by the US law firm in Utah for securities fraud. a new archive shows. Chad Leon Sayers urged about 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 make the promised smartphone, he paid personal expenses and debts, and paid older investors with funds he raised from newer ones, which the U.S. law firm in Utah called “Ponzi-like.”

; Sayers is said to have 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, $ 145,000 on shopping, entertainment and personal care and about $ 30,000 dollars on his personal credit card.

According to the US law firm, Sayers began seeking funding in 2006, using email, social media including Twitter and investor newsletters to persuade people to invest in the phone and provide “updates” about the phone’s launch.

Saygus introduced its first VPhone – which had a sliding keyboard – in 2009, and showed off what it said was the Saygus V2 at the International Consumer Electronics Show (CES) in 2015. The Verge got a look:

Needless to say, something is “great on paper.” Saygus has created what it calls a “super smart phone”, and in many ways it feels like they looked at a specification sheet and said, “we can make this look really good.”

Saygus V2 has a 5-inch, 1080p screen and has a 2.5 GHz quad-core Snapdragon processor with 3 GB of RAM, which runs Android 4.4.4 KitKat. Saygus says that the V2 is designed for media junkies, ie it has up to 320 GB of storage space – 64 GB internally with two MicroSDXC slots. It has 21 megapixels rear (with dual LED flash) and 13 megapixels front camera. V2 also has Harman Kardon speakers, a biometric fingerprint scanner, built-in wireless Qi charging, root access for developers … look, there’s a a lot to love in this phone. The design is not particularly inspired, but the frame is quite small and robust.

But that phone never happened either. Android Police have kept a close eye on the Saygus saga for several years (they even have their own Saygus section!), and their archives have many of the twists and turns of this very strange story.

A jury trial for Sayers is scheduled to begin on August 30.

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