Do you remember the Saygus V2 (V-Squared)? The device won a CES 2015 innovation award and was announced in November 2014 with dual boot capabilities, water resistance, and KitKat 4.4 preinstalled. Harman Kardon Sound Technology was on board with 3D Movie Audio and two microSD card slots for up to 256GB of additional storage space to add to the 64GB of native storage. In January 2015, we were able to share with readers our practical experience with the telephone.
A previous model, the QWERTY-equipped Saygus Vphone, was canceled just ahead of a planned launch via Verizon
At the time, no one seemed to be suspicious of the V-Squared even though the previous model, the QWERTY-equipped Saygus Vphone, was canceled at the last minute just before it was supposed to be launched by Verizon. Today the The US Department of Justice has announced that Chad Sayers, CEO of the company that was supposed to produce the Saygus Vphone and V2, has been charged with one count of title fraud.
The Saygus V-Squared never came out despite winning a CES innovation award
A statement issued by the United States Attorney’s Office in the Utah District alleged that Sayers, from 2012 to 2020, solicited about 300 investors to invest a total of about $ 10 million in securities representing investments. in Saygus. Sayers promised its investors that Saygus is the next billion dollar smartphone company capable of delivering 100 times the return on investor funds.
Instead of using the money he raised to create the revolutionary smartphone he touted, court documents say Sayers instead spent the money on personal loans, credit card bills, personal rent, fees. personal legal and personal car payments (more details below). He also failed to disclose to investors that he had raised funds to produce a smartphone since 2006, a failed venture.
Sayers is accused of handling a Ponzi scheme by paying older investors with money scammed from new investors
Sayers also told investors his phone is in final stages of production and is ready to launch any day. He also never pointed out that he defaulted on tickets he had issued previously. You can read all about the alleged charges against the defendant in check the filing made by the US attorney’s office in April.
The accused used the $ 2.7 million he raised from new investors to reimburse older investors in a Ponzi scheme. The court file explains that $ 2.17 million was spent on office rent, $ 10,000 per month for an office sign, $ 42,000 per month for offices used by 10 employees and $ 800,000 to pay for charges. previous prosecutions. A whopping $ 1.7 million was sent to pay for American Express, $ 500,000 covered legal fees, $ 145,000 was used for shopping, entertainment, food and personal care, and around $ 30,000. were paid into Sayers’ personal credit card.
The filing, filed with the United States District Court, District of Utah, Central Division, requests “A MONEY JUDGMENT in the amount of approximately $ 10,000,000 representing the value of any property, real or personal. , constituent or derivative of the product attributable to the fraud scheme. “
Perhaps the most interesting thing about this whole thing is how the Saygus V-Squared won the CES Innovation Award on November 19, 2014. A press release issued on that date said: “The Saygus V² was created to be one of the world’s leading smartphones showcasing many exclusive features bundled into a 1080p FHD 5” borderless display. The V² is housed in a protective hardened anodized aluminum edge with durable brushed aluminum sides, a light and strong magnesium center frame and a soft and resistant back coating in a strong fiberglass body less than 10mm in width.
The V² uses a variety of proprietary premium components and materials, including Wireless HD (60 GHz) and premium OIS, auto focus front and rear cameras, high capacity power expansion battery technology, a high – speaker / receiver with microphones using Harman Kardon 3D audio technologies and a storage capacity of 320 GB, among others, at a competitive price. These premium components make the V² a powerful smartphone designed to satisfy any value-conscious and tech-savvy consumer. “
Now scheduled to appear in court on August 30 for the start of his seven-day jury trial, Chad Sayers said at the time: “We are honored that Saygus has been recognized by experts in the mobile industry for its innovation. in terms of design and functionality.
