U.S. Department
of Justice
United States vs. Chad Leon Sayers
Case Summary:
The defendant, Chad Leon Sayers was charged with one count of Securities Fraud alleging that beginning in and around 2012 and continuing to 2020, in the Central Division of the District of Utah, and elsewhere, Mr. Sayer solicited approximately 300 investors to invest approximately $10 million in securities offerings. Specifically, he directly and indirectly, knowingly offered or attempted to offer investments in SAYGUS. These investment opportunities promised imminent billion-dollar success with the launch of a revolutionary new smart phone and did so by means and instruments of transportation and communication in interstate commerce, that is, wire communications. During the relevant time period, Mr. Sayer, without the authority, knowledge, or approval of investors, used investor funds to pay personal expenses and pay old investors with money obtained from new investors.
On July 15, 2024, Sayers was sentenced to 29 months' imprisonment, 15 months' to run consecutive and 14 months to run concurrent with case no. 2:22cr480, see press release here.
The sentence also includes 12 months’ supervised release, a special assessment fee of $100, and the court ordered Sayers to pay $10,250,834.53 in restitution.
For restitution questions please read the two pdf documents listed below: