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August 22, 2021 06:34 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/oEYa0glVvo4/smartphone-company-alleged-to-be-a-scam-defrauding-300-investors-of-10-million
Smartphone Company Alleged To Be a Scam Defrauding 300 Investors of $10 Million
In a 2015 video, PCMag's lead mobile analyst Sascha Segan showed off "One of the coolest phones at this year's CES." He's now written an article titled "How I Got Suckered by an (Alleged) $10M Phone Scam.The biggest mobile-phone mystery of the 2010s is finally coming to an ignominious end, as yesterday the U.S. attorney for Utah charged Chad Sayers, founder of entirely notional mobile phone firm Saygus, with conducting a $10 million fraud scheme. Saygus "had" a series of "phones" from 2009-2016 that existed as prototypes that the company took on trade shows and to press tours. There was never any real evidence of production runs. The U.S. Attorney now claims Sayers and associated took $10 million in investor money and lived on it without ever really planning to release a product. (I learned this via David Ruddock....) The phone kept just...not happening. Sayers' genius was that he produced just enough prototypes to show off and kept them in a constant state of pre-sale... "DEFENDANT failed to disclose that device certification with Verizon expired in 2013 and was never renewed," the Department of Justice notes. A new version of the phone then popped up again in 2015, this one supposedly covered in Kevlar with 320GB of storage. Sayers flogged that prototype until early 2016, at which point he said it was coming "next month." The Department of Justice says: "Between April 7, 2015 and January 10, 2017, DEFENDANT made at least 26 public statements on Twitter that its phone would be shipping 'this month,' 'this week,' or was otherwise launching, when in fact, it has never launched...." Sayers kept going on press tours and buying expensive trade-show booths with prototypes of phones that would never hit the market, drumming up enough gullible mainstream press coverage (myself included) to presumably attract a continual stream of investors with his claim of being the next big thing.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/oEYa0glVvo4/smartphone-company-alleged-to-be-a-scam-defrauding-300-investors-of-10-million
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