A Midvale man has been sentenced to 41 months in prison for wire fraud while on pretrial release for a separate case.
Chad Leon Sayers, 59, was found guilty of wire fraud and contempt of court in 2023 after a federal jury heard evidence that he had solicited $300,000 to $500,000 for SMART’R, a technology company he claimed was designing and developing advanced mobile devices.
Sayers, who was awaiting trial on a 2021 indictment for securities, wire fraud, and money laundering, was ordered by a U.S. Magistrate Judge not to be employed in any fiduciary capacity or seek any investments while on pretrial release.
However, on May 18, 2022, Sayers sent an email to an individual in the Philippines, soliciting funds for SMART’R by advertising fabricated financial projections, a team of executives, and accolades for the company.
During this time, Sayers also concealed his 2021 federal criminal indictment and lawsuits by investors.
‘The jury found that Mr. Sayers committed wire fraud and contempt of court by engaging in his fraudulent scheme to obtain money,’ said United States Attorney Trina A. Higgins of the District of Utah.
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Key Facts
- State: Utah
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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