The launch of a new Smartphone is always a moment of great expectation on the part of the digital community, even more so when it comes to a promise of new technologies to be used and a great hardware revolution. It was this expectation and enthusiasm that Chad Leon Sayers took advantage of.
Chad Sayers, a natural man from Utah (United States of America), announced with the intention of attracting investors, the launch of a smartphone that would be an “imminent success of billions of euros”.
This advertising earned more than ten million dollars (approximately eight million and five hundred thousand euros) which were used to pay off old credits and debts as well as to pay alleged gains to older investors. This activity, which pays older investors with money from new ones, is the well-known Ponzi Scheme.
According to the Attorney of the United States of America, such activity translates into a crime of tax fraud aggravated by the fact that as expenses Chad Sayers listed alleged office rentals, lawsuits, purchases and lawyers’ fees.
In the published report, this scheme started in 2006 through social networks, email campaigns, information leaflets and telephone calls. In 2009 the first image of the supposed “Saygus V2” was released.
For several years now, the US court has been collecting evidence of this scheme from more than three hundred investors who were deceived and saw all or almost all of the money invested disappear without there being a real project. The first session of the trial is scheduled for August 30 of this year, and several sessions are expected before this process is concluded.
This is an example of schemes that have become more common in the digital age. This one is particularly peculiar since it is not digital products but rather a pseudo physical product launch.
Source: The Verge