A Utah man who touted a revolutionary new smartphone for a number of years however failed to provide one, has been charged by the US Lawyer’s workplace in Utah with securities fraud. a brand new submitting exhibits. Chad Leon Sayers solicited roughly 300 traders to speculate $10 million in Saygus, promising “imminent billion-dollar success,” based on the Justice Division.

As an alternative of utilizing the funds he raised to create the promised smartphone, he paid private bills and money owed, and paid older traders with funds he raised from newer ones, which the US Lawyer’s workplace in Utah referred to as “Ponzi-like.” Sayers allegedly spent $2.17 million of the cash raised on workplace hire, about $800,000 of the funds to settle different lawsuits, $500,000 on authorized charges,…

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