Regular readers of the site are familiar with the company Saygus, which has been involved in some questionable activities in the past. Saygus first gained attention at CES, where despite skepticism, many were intrigued by their phone. However, the founder, Chad Sayers, was later charged with fraud by the Department of Justice for running a Ponzi-like scheme with investors’ money.
After almost 3 years, Sayers has finally been sentenced for his crimes related to Saygus. He will serve 29 months in prison, with an additional 12 months of supervised release, and has been ordered to pay over $10 million in restitution. In addition, he received a separate 41-month sentence for committing wire fraud while awaiting trial.
Sayers attempted to launch a new company called SMART’R with false information and concealed his legal troubles from potential investors. This led to additional charges and a longer prison sentence. His total sentence now stands at 56 months.
It seems that this marks the end of the Saygus saga, but only time will tell if there are any further developments.
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