A previous model, the QWERTY equipped Saygus Vphone, was canceled just before a scheduled launch via Verizon
The Saygus V-Squared never was released despite winning an innovation award from the CES
A release issued by the U.S. Attorney’s Office in the District of Utah alleged that Sayers, from 2012 and continuing to 2020, solicited approximately 300 investors to invest a total of approximately $10 million in securities representing investments in Saygus. Sayers promised his investors that Saygus was the next billion-dollar smartphone company capable of delivering a 100 times return on investors’ funds.
Sayers is accused of running a Ponzi scheme paying older investors off with money scammed from new investors
The accused used $2.7 million that he raised from new investors to repay older investors in a Ponzi scheme. The court filing explains that $2.17 million was spent on office rent, $10,000 per month for an office sign, $42,000 per month for office space that was used by 10 employees, and $800,000 to settle previous lawsuits. A whopping $1.7 million was sent to pay American Express, $500,000 covered legal fees, $145,000 was used for shopping, entertainment, food, and personal care, and approximately $30,000 was paid to Sayers’ personal credit card.
The V² employs various exclusive high-end components and materials, including Wireless HD (60 GHz), and premium OIS, auto-focusing front and rear cameras, high capacity power extending battery technology, speaker/receiver with mics using 3D audio technologies from Harman Kardon and a 320 GB storage capacity, among others, at a competitive price. These high-end components make the V² a powerful smartphone designed to satisfy any value-conscious, tech-savvy consumer.”
Now scheduled to appear in court on August 30th for the beginning of his seven-day jury trial, Chad Sayers said at the time, “We are honored that Saygus has been recognized by mobile industry experts for its innovation in design and functionality.”