- The U.S. Attorney’s Office in Utah charged Saygus CEO Chad Leon Sayers with one count of securities fraud.
- The lawsuit alleges that since 2012, Sayers has defrauded about 300 investors for more than 10 million U.S. dollars.
- The 7-day jury trial will begin on August 30.
Remember Seggs?If you don’t do this, we won’t blame you, but as early as 2015, Saygus was manufacturing This For mobile phones for advanced users, this is expected to dwarf the Galaxy Notes at the time. Except, it was never realized. After multiple delays, crowdfunding to help solve the “production problem”, and a reappearance in 2017 but to no avail, Saygus V2 disappeared from the news cycle.
Now, the U.S. Attorney’s Office in Utah has charged Saygus CEO Chad Leon Sayers with one count of securities fraud.This suit was first discovered Android police, Claiming that Sayers solicited up to $10 million in investment from approximately 300 investors between 2012 and 2020. The one-week jury trial will begin on August 30.
Check: The most interesting cancelled smartphone
Saygus V2 is not even the first phone that the company failed to deliver. As early as 2009, Saygus was preparing to launch Verizon’s third Android phone equipped with VPhone. In a few years, the story of VPhone will finally repeat itself. After production delays and other problems, Saygus never launched this phone.
As a consumer, it is easy to regard failed releases and missed releases as illusory. But lawsuits like this show that real people have invested millions of dollars in products that were never meant to be released.