Thursday, July 18, 2024

Saygus CEO Charged With Fraud Over Vaporware Phones

Be careful what you promise — that’s the lesson Chad Leon Sayers is learning after being charged for fraud over vaporware smartphones.

Sayers pitched the Saygus V2 as “a revolutionary new smart phone” to investors, ultimately convincing them to invest roughly $10 million. The investors were “promised imminent billion-dollar success.”

Unfortunately for investors, the Saygus V2 was vaporware and never saw the light of day. Instead, Sayers used the money for personal expenses, as well as used money from new investors to pay old investors.

The US Attorney’s Office, District of Utah, has now filed fraud charges against Sayers. Moral of the story: If you take millions of investors’ dollars, you better deliver what’s promised.

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