Nikola founder Trevor Milton indicted in US for misleading investors
BREAKING NEWS: Billionaire Trevor Milton – who founded electric truck firm Nikola – is charged with three counts of fraud for ‘misleading investors and lying about nearly ALL aspects of the business’
- Trevor Milton was charged with three counts of making false and misleading statements Thursday
- It is claimed he lied to investors about his embattled electric truck start-up
- Milton earned an estimated $1 billion when Nikola went public in June 2020
- A grand jury said he should forfeit those earnings while the probe into his alleged offenses continues
The billionaire founder of an electric truck firm has been charged with fraud over claims he made repeated false statements to investors about the start-up.
Trevor Milton was charged with three counts of making false and misleading statements, the US Department of Justice announced Thursday.
The newly-unsealed grand jury indictment said that, from November 2019 to September 2020, Milton schemed to defraud investors into buying Nikola shares through statements about the company’s product and technology development.
Trevor Milton, pictured, has been charged with wire fraud over claims he lied about his electric truck start-up Nikola
Jurors said that Milton should forfeit all property ‘traceable to the commission of said offenses,’ including $1 billion he is believed to have made when Nikola went public in June 2020, according to CNBC.
Nikola did not immediately respond to requests for comment.
Last September, Hindenburg Research said in a paper that it was short-selling Nikola stock and labelled the company a ‘fraud’, a charge it denied.
In February, Nikola disclosed, following a review by an outside law firm, that both it and Milton had made several statements that were partially or completely inaccurate.
Breaking story, check back for updates
Source: Read Full Article
