Utah man sentenced to 41 months in prison after wire fraud scheme
SALT LAKE CITY (ABC4) — A man has been sentenced to prison after being found guilty of wire fraud while on pretrial release.
Chad Leon Sayers, 59, of Midvale, was sentenced to 41 months in prison followed by three years of supervised release for crimes committed while on pretrial release for a separate wire fraud case, the U.S. Department of Justice said. The sentence reportedly comes after a federal jury found Sayers guilty of wire fraud and contempt of court in 2023.
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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 DOJ said.
The explicit conditions reportedly ordered Sayers to not be employed in any fiduciary capacity and not seek any investments or conduct any fundraisers. However, in May 2022, while on pretrial release, the DOJ said 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, a technology company he described as designing and developing the world’s most advanced mobile devices in the medical, communications, and entertainment industries, the DOJ said. Sayers was reportedly the self-proclaimed founder and CEO of the company.
The DOJ said Sayers 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, the DOJ said.
During this time, Sayers also reportedly concealed his 2021 federal criminal indictment for financial fraud and lawsuits by investors.
In April 2023, the DOJ said 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 reportedly scheduled for a jury trial for his 2021 case on August 13, before a U.S. District Court Judge at the United States District Courthouse in Salt Lake City.
Utah Department of Commerce Executive Director Margaret Busse said 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,” she said.
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