Nikola founder Trevor Milton found guilty of fraud over statements he made while CEO
Trevor Milton, the founder and former chairman and CEO of electric heavy truck maker Nikola, was found guilty in federal court on Friday of three of four counts of fraud relating to false statements he made to drive up the value of Nikola's stock.
Milton was charged with two counts of securities fraud and two counts of wire fraud, all related to statements he made about Nikola's business while he was chairman and CEO of the company. Jurors found him guilty on one count of securities fraud and both of the wire fraud counts.The U.S. Attorney's Office in Manhattan had alleged that Milton lied about "nearly all aspects of the business" he founded in 2014 during his time leading the company.
"On the backs of those innocent investors taken in by his lies, he became a billionaire virtually overnight," Assistant U.S. Attorney Nicolas Roos said in hisNikola's stock price briefly surged to over $90 per share in June 2020, just days after it went public via a merger with a special-purpose acquisition company. For a short period, Nikola – a company with no revenue – was more valuable than century-oldThat ambitious valuation didn't last.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nikola founder's trial goes to jury after final argumentsThe fate of Nikola founder Trevor Milton will be in the hands of a jury after he was portrayed in closing arguments as both a visionary and habitual liar.
Read more »
Nikola founder was a 'con man,' U.S. prosecutor tells jurorsA federal prosecutor on Thursday urged jurors to convict Nikola Corp founder Trevor Milton of fraud, calling him a 'con man' who lied about the low-emission vehicle company to defraud ordinary investors.
Read more »
Jaguars quarterback Trevor Lawrence said he needs to learn the art of minimizing bad playsJaguars quarterback Trevor Lawrence made some serious mistakes on Sunday in a 13-6 loss to the Houston Texans at TIAA Bank Field. Does he know how to learn from them?
Read more »
Trevor Noah’s Daily Show departure is on the calendarComedian Trevor Noah will leave his helm as host of the Daily Show just before the end of the year.
Read more »
Trevor Noah Jokes What The ‘J’ In Donald J. Trump Really Stands For'The Daily Show' host mocked a new twist in the Trump classified documents scandal.
Read more »