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CEO of smartphone company that won Innovation Award in 2015 charged with fraud – Times of India

The CEO of the US-based smartphone firm Saygus has been charged with fraud. Saygus is the corporate that showcased the ‘most-innovative’ smartphone on the annual Shopper Electronics Present (CES) tradeshow held in 2015. CES tradeshow is held yearly at Las Vagas within the US. In keeping with the Justice Division, the corporate’s CEO Chad Leon Sayers requested roughly 300 buyers to speculate $10 million in Saygus, promising “imminent billion-dollar success” with the launch of a revolutionary new smartphone. Nevertheless, Sayers used these funds to pay for his private bills and outdated buyers.
As per a report in The Verge, Sayers allegedly spent $2.17 million of the cash raised on workplace hire, about $800,000 of the funds to settle different lawsuits, $500,000 on authorized charges, $145,000 on purchasing, leisure, and private care, and about $30,000 on his private bank card. The CEO reportedly began asking for funds in 2006, and used emails, social media together with Twitter, and investor newsletters to ask folks to speculate.
Saygus showcased revolutionary units. The corporate’s first VPhone, launched in 2009, had a sliding keyboard. The telephone was a part of Verizpn’s Open Improvement initiative. The corporate launched Saygus V2 in 2015. At the moment many in contrast it with OnePlus. The corporate known as it ‘tremendous smartphone’ and it boasted of two Micro-USB slots, 64GB native storage, 13MP entrance digital camera with autofocus; and two entrance stereo audio system and three microphones with Harman Kardon’s sound expertise. Different specs of the telephone included 5-inch 1080p show with Gorilla Glass 4, 3GB of RAM, 64GB of on-board storage, a 2.5GHz Qualcomm quad-core processor, a 21MP digital camera with OIS and a bodily shutter button. Connectivity options within the telephone included GPS, Wi-Fi, NFC, LTE, Bluetooth 4.0, and MicroUSB with OTG help. The smartphone additionally had an IR transmitter and 3100mAh battery with Qi charging.
After all of the hype, not even a single unit of each the smartphones actually shipped. Sayers is alleged to have managed to hold the farce from 2012 and 2020.



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