CEO of the smartphone company Saygus, which never released a phone charged with fraud

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    A Utah man who has been promoting a revolutionary new smartphone for several years but not producing it has been charged with securities fraud by the US Attorney’s Office in Utah. shows a new submission. Chad Leon Sayers called on about 300 investors to invest 10 million US dollars in Saygus, which, according to the Justice Department, promised an “immediate success in billions”.

    Instead of using the money he raised to make the promised smartphone, he paid off personal expenses and debts, and paid older investors with money he raised from newer ones that the US Attorney’s Office in Utah called “Ponzi-like” designated. Sayers reportedly spent $ 2.17 million on office rentals, about $ 800,000 on other legal disputes, $ 500,000 on legal fees, $ 145,000 on shopping, entertainment and personal care, and about $ 30,000 on his personal credit card.

    According to the US Attorney’s Office, Sayers began raising the funds in 2006, using email, social media including Twitter, and investor newsletters to encourage people to invest in the phone and get “updates” about the launch of the phone Phone.

    Saygus announced its first VPhone with a sliding keyboard in 2009 and showed the Saygus V2 at the International Consumer Electronics Show (CES) in 2015.

    Needless to say, something is “great on paper”. Saygus created something called a “super smartphone,” and in many ways it feels like they looked at a data sheet and said, “We can make this look really good.”

    The Saygus V2 has a 5 inch, 1080p display and has a 2.5 GHz quad-core Snapdragon processor with 3 GB of RAM that drives Android 4.4.4 KitKat. Saygus says the V2 was designed for the media junkie, meaning it has up to 320GB of storage – 64GB internal with two MicroSDXC slots. It has a 21-megapixel rear (with dual LED flash) and a 13-megapixel front camera. The V2 also has Harman Kardon speakers, a biometric fingerprint scanner, built-in Qi wireless charging, developer root access … Look, there’s a lot to love in this phone. The design isn’t particularly inspired, but the frame is pretty small and sturdy.

    But this phone never came about either. Android Police have been keeping a close eye on the Saygus saga for several years (they even have a separate Saygus section!), And their archives contain many of the twists and turns of this very strange story.

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

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