According to the indictment Trevor Milton is guilty of financial fraud and computer fraud. He told shareholders that Nikola was in possession of a technology that he actually did not have with the sole purpose of increasing the capitalization value of the company.
The US jury handed down a sentence to Trevor Milton, the founder of Nikola, a company known for hydrogen trucks, for fraud. Milton was convicted by a US jury on allegations that he lied to investors about the technology the company actually owns. Specifically, Milton is guilty of one charge of financial fraud and two counts of computer fraud after a trial that began on 13 September.
Nikola, according to the judges, the company was a bluff
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During the trial, held at the federal court in Manhattan, prosecutors described Milton, 40, as a “crook” who tried to systematically deceive investors into the technology of the electric and hydrogen truck manufacturer starting since November 2019. Milton shook his head as jurors confirmed the verdict. His attorney himself has stated that he will present documents in court to challenge that decision. Milton, of Oakley, Utah, was indicted in July 2021, but had already left Nikola in September 2020. Milton’s abandonment was caused by a report written by vendor Hindenburg Research who called the company a “fraud”. Prosecutors accused Milton of using social media and television interviews, as well as podcasts and the press to make false and misleading claims about Nikola’s trucks and technology. Milton’s improper claims also include the Badger electric pickup.
from success to decline
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The Nikola had an early success after the presentation of the Nikola One semi-trailer which was actually not in working order, not even in prototype form. Milton was also accused of defrauding a Utah ranch seller who accepted Nikola’s stock options as part of the purchase price of the property based on Milton’s claims. Also according to the indictment, Milton was obsessed with the company’s share price, so much so that he made misleading and mendacious statements for the sole purpose of inflating the value of the company and, consequently, its net worth. After Milton’s conviction, Nikola said in a statement that she was “pleased to close this chapter” and that she will continue to work to create shareholder value. Last year, the company agreed to pay $ 125 million to settle with the US Securities and Exchange Commission over its non-existent investor disclosure.
October 15, 2022 (change October 15, 2022 | 15:11)
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