A Man From Utah Was Jailed for a Smartphone Scheme That Scammed Investors Out of $10 Million
SALT LAKE CITY — On Monday, a 60-year-old man from Utah was given 29 months in prison after admitting he stole $10 million from hundreds of investors in his smartphone company, SAYGUS.
A news report from the U.S. Department of Justice says this is the second time this year that Chad Leon Sayers has been jailed for stealing money from other people.
Another part of the release says that he has to spend an extra 15 months of his 41-month prison sentence right after this one.
The term also includes being watched for 12 months. Sayers is also required to pay $10,250,834.53 in reparations.
On the edge
The report said that Sayers lied to about 300 investors from 2006 to 2010 when he told them that SAYGUS was “on the brink of a multi-billion-dollar pay-out.” They agreed to put $10 million into his business because of what he said.
Sayers reportedly said in the release that he was making a smartphone that he would call the “V” phone and then the “V-Squared.” He told the investors that phones from a well-known cell phone company would be sold. Speaking of claims, Sayers said that buyers might get back 100 times what they put in.
Sayers said that the money would be used to study, plan, and make the new phone.
It was said in the report that Sayers used invested money for things like personal loans, personal credit card bills, personal rent, and personal legal fees for more than ten years.
Sayers went on social media 26 times to say that the smartphone would be available on a certain date, but it never came out. The release says that he even sent newsletters to the owners to keep them up to date on what was going on.