You may hardly remember Saygus in Utah as a steaming company that constantly advertised a revolutionary smartphone for the energy user that it never released. At the same time, the federal government officially wants to insist on a certain title for its founder: a fraudster.
Utah district attorneys have filed a lawsuit against Chad Leon Sayers in a single case of securities fraud, alleging that Meyers cheated more than 300 investors over how he used the more than $ 10 million collected from them. The government is looking for a financial verdict at the same ball.
The money intended for the company was instead used to settle lawsuits against other creditors, to repay old loans in cash, for lavish facilities (this includes a monthly rent of $ 42,000 for 10 employees ’office space and $ 10,000 for a visible building sign) and pay off your personal credit card. They also said he had deceived stakeholders about how far his efforts would go – tweets didn’t help – and how much he owed.
The Department of Justice says Sayers has been asking investors to submit money for a cell phone since 2006 – at least 8 years before Saygus V was first seen.2 At CES 2015. The executive was obviously able to get the equipment certified as well as Verizon’s sales and support contract, but it all expired in 2013. You can view our history archive of any ordeals that have prevented the company’s phones from being shipped to customers for 6 years.
The jury trial will begin on Aug. 30 and is expected to last a week. If Sayer’s accusation persists, we can finally summon Saygus, which we all thought. Thank God for the temporary feature.