Nikola Founder Trevor Milton Convicted Of Fraud, To Be Sentenced In January | Carscoops carscoops
The founder of Nikola Corporation, Trevor Milton, has been convicted of defrauding investors with claims about the company’s technologies and planned production models., two counts of securities fraud and two counts of wire fraud. Each count carries a maximum sentence of between 20 and 25 years.had falsely claimed to have built a revolutionary new semi-truck, which was actually a General Motors product with a Nikola logo.
The prosecution called more than a dozen witnesses during the five-week trial. Among those that testified against Milton were Nikola’s chief executive and chief financial officer Kim Brady who said the founder was reluctant to temper his public remarks and focused on Nikola’s stock price. Brady testified that when the company’s stock price dropped to $5 during the first day it was trading publicly, Milton thought the Nasdaq had malfunctioned.
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