{"id":8596,"date":"2021-08-23T20:05:21","date_gmt":"2021-08-23T18:05:21","guid":{"rendered":"http:\/\/plus.maciejpiasecki.info\/index.php\/2021\/08\/23\/ceo-of-utah-based-phone-maker-saygus-charged-with-fraud\/"},"modified":"2021-08-23T22:02:20","modified_gmt":"2021-08-23T20:02:20","slug":"ceo-of-utah-based-phone-maker-saygus-charged-with-fraud","status":"publish","type":"post","link":"https:\/\/plus.maciejpiasecki.info\/index.php\/2021\/08\/23\/ceo-of-utah-based-phone-maker-saygus-charged-with-fraud\/","title":{"rendered":"CEO Of Utah-based Phone Maker Saygus Charged With Fraud"},"content":{"rendered":"<p>The United States Attorney\u2019s Office for the District of Utah has recently accused the CEO of Saygus Chad Sayers of fraud. According to the statement, Sayers deceived about 300 investors between 2012 and 2020 and received a total of about $10 million from them. He promised investors that his company would soon be worth billions of dollars. Also, he would be able to return 100 times more money to investors.<br \/>\nHowever, Sayers has used the money to \u201cpay personal expenses and pay old investors with money obtained from new investors.\u201d Sayers is due to appear in court on August 30 to answer charges.<br \/>\nSayers started a Ponzi business and has used new investors\u2019 money to pay off debts to previous investors. Dates back to April, The United States Attorney\u2019s Office released the documents of allegations against CEO Chad Sayers.<br \/>\nAs per the documents, Sayers has spent $2.7 million on repaying older investors from new investors\u2019 money. Moreover, he utilized approximately $2.17 million in office rent and paid $10,000 a month on a consulting contract and $10,000 a month for a building sign. Other expenses include paying approximately $42,000 per month for rent on a 25,950 square foot office space for 10 employees.<br \/>\nFor settling lawsuits with other investors, he utilized $800,000 of investor funds. Also, Sayers paid $1.7 million to American Express and spent $500,000 on legal fees, $145,000 on shopping, entertainment, food, and personal care. In the end, he paid $30,000 on his personal credit card.<br \/>\nThe US Attorney\u2019s Office for the District of Utah calls the case \u201cA MONEY JUDGMENT in the approximate amount of $10,000,000 representing the value of any property, real or personal, constituting or derived from proceeds traceable to the scheme to defraud.\u201d<br \/>\nSaygus was considered a promising phone maker<br \/>\nIf you have been following the news of smartphones for more than 5 years, you must have heard the name Saygus. They unveiled Saygus V2 in 2014, and the device won the CES 2015 Innovation Award. Saygus V2 specification included Harman Kardon Sound Technology, water resistance, Android KitKat 4.4, and 64GB storage with support for up to 256GB SD card.<br \/>\nMany features that Saygus claimed for its phone were promising for the time. A 1080p FHD 5\u2033 borderless screen, aluminum for the body, and auto-focusing front and rear cameras could certainly convince investors.<br \/>\nHowever, it is now clear that Saygus\u2019 claims were empty, and the CEO has to deal with more than 300 angry investors.<br \/>\nThe post CEO Of Utah-based Phone Maker Saygus Charged With Fraud appeared first on Android Headlines.&#013;<br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/plus.maciejpiasecki.info\/wp-content\/uploads\/2021\/08\/Saygus-V2-AH-2-300x200-1.jpg\" width=\"300\" height=\"200\">&#013;<br \/>\nSource: ndroidheadlines.com&#013;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The United States Attorney\u2019s Office for the District of Utah has recently accused the CEO of Saygus Chad Sayers of [&hellip;]<\/p>\n","protected":false},"author":26,"featured_media":8597,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bez-kategorii"],"_links":{"self":[{"href":"https:\/\/plus.maciejpiasecki.info\/index.php\/wp-json\/wp\/v2\/posts\/8596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/plus.maciejpiasecki.info\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/plus.maciejpiasecki.info\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/plus.maciejpiasecki.info\/index.php\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/plus.maciejpiasecki.info\/index.php\/wp-json\/wp\/v2\/comments?post=8596"}],"version-history":[{"count":1,"href":"https:\/\/plus.maciejpiasecki.info\/index.php\/wp-json\/wp\/v2\/posts\/8596\/revisions"}],"predecessor-version":[{"id":8598,"href":"https:\/\/plus.maciejpiasecki.info\/index.php\/wp-json\/wp\/v2\/posts\/8596\/revisions\/8598"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/plus.maciejpiasecki.info\/index.php\/wp-json\/wp\/v2\/media\/8597"}],"wp:attachment":[{"href":"https:\/\/plus.maciejpiasecki.info\/index.php\/wp-json\/wp\/v2\/media?parent=8596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/plus.maciejpiasecki.info\/index.php\/wp-json\/wp\/v2\/categories?post=8596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/plus.maciejpiasecki.info\/index.php\/wp-json\/wp\/v2\/tags?post=8596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}