Utah businessman got $10M from investors for nonexistent smartphones -- now he has to pay it back

SALT LAKE CITY (ABC4) -- A Utah businessman was sentenced in federal court -- for the second time this year -- after he admitted to using his smartphone company SAYGUS to defraud hundreds of investors out of $10 million.

Chad Leon Sayers, 60, was sentenced to 29 months of imprisonment, with 15 months ordered to run consecutively with his existing 41-month sentence. The judge also ordered Sayers to 12 months of supervised release in addition to paying $10,250,834.53 in restitution and a forfeiture money judgment for the same amount.

From 2006 to 2020, Sayers defrauded about 300 investors and told them his smartphones were "on...