I don't know at all about the CEO and whether he committed fraud. But I believe at least the CTO worked hard to build and ship a phone. We were coworkers for

I don't know at all about the CEO and whether he committed fraud. But I believe at least the CTO worked hard to build and ship a phone. We were coworkers for a while as he worked on the Saygus project (he's very capable and personable), and he brought in a prototype phone at least once, showing us its features and obviously he cared and had worked on it. I remember him expressing which features were really important to him, him demoing some cool-for-the-time video conferencing software he had written that ran on it, and later on at least once, expressing his frustration that the phone had hardware issues (manufacturing flaws I think), and the Chinese manufacturer they were working with had refused to make another prototype with them fixed, until they had more money or a guaranteed contract for a large production run (or something like that). I think he was working at it for a long time. Edit: It seems very possible that the CEO met someone with good ideas and very strong abilities, may have had some positive intentions, but spent too much too soon or got overexcited about the $ or just not enough nose-to-grindstone at the business execution level, and/or that successfully launching a phone to manufacturing is extremely hard & expensive. But again I'm not in a position to know more.