SALT LAKE CITY, Utah, March 19, 2024 (Gephardt Daily) — A U.S. District Court judge has sentenced a Midvale man to o 41 months in prison followed by three years of supervised release for crimes committed while on pretrial release for a separate wire fraud case.
Chad Leon Sayers, 59, learned his sentence Monday after a federal jury also found him guilty of wire fraud and contempt of court in 2023.
According to evidence presented at trial, Sayers, while awaiting trial on a 2021 indictment for an alleged securities, wire fraud and money laundering scheme, violated his pretrial release conditions set by a U.S. Magistrate Judge.
“The explicit conditions ordered Sayers to not be employed in any fiduciary capacity and not seek any investments or conduct any fundraisers,” says a statement issued by the office of the United State’s Attorney, District of Utah.
“However, on May 18, 2022, while on pretrial release, Sayers sent an email to an individual in the Philippines who was known for helping connect business owners with investors. Sayers emailed the individual for help to raise $300,000 to $500,000 for SMART’R. Sayers was the self-proclaimed founder and CEO of SMART’R, a technology company he described as designing and developing the world’s most advanced mobile devices in the medical, communications, and entertainment industries.
“He solicited funds by advertising fabricated financial projections, a fabricated team of executives, and fabricated accolades for SMART’R. Sayers also claimed SMART’R had partnerships with well-known companies – like Google, Qualcomm, Redstone, Sony, and Toshiba. During this time, Sayers also concealed his 2021 federal criminal indictment for financial fraud and lawsuits by investors.”
In April 2023, a federal jury found Sayers guilty of two counts of wire fraud, and one count of contempt for his conduct while on pre-trial release. He is scheduled for a jury trial for his 2021 case on Aug. 13, 2024, before a U.S. District Court Judge at the United States District Courthouse in downtown Salt Lake City.
“The jury found that Mr. Sayers committed wire fraud and contempt of court by engaging in his fraudulent scheme to obtain money,” said U.S. Attorney Trina A. Higgins, District of Utah, in the released statement.
“My office, working with our law enforcement partners will vigorously prosecute these cases in order to deter others from engaging in similar criminal behavior.”
Utah Department of Commerce executive director Margaret Busse also shared comments:
“Investment fraud causes not only financial harm but also erodes public trust in our financial system. We are grateful for the collaborative efforts of our Division of Securities and our partners, and commend the U.S. Attorney’s office for their unwavering commitment to prosecute these crimes and protect unsuspecting investors.”
Assistant United States Attorneys Ruth Hackford-Peer, Jacob Strain, and Special Assistant United States Attorney Sachiko Jepson of the U.S. Attorney’s Office for the District of Utah prosecuted the case.
