Trevor Milton, founder of Nikola, found guilty of fraud | CNN Business

Nikola founder Trevor Milton was convicted Friday by a U.S. jury of fraud in a case alleging he lied to investors about the electric and hydrogen fuel cell company’s technology. The jury found Milton guilty on a count of securities fraud and two counts of wire fraud after deliberating for roughly five hours. Milton was acquitted on another count of securities fraud. Milton potentially faces years in prison.

Nikola went public in 2020, and briefly surpassed Ford in value that year despite never having delivered a vehicle. General Motors announced in 2020 that it planned to invest in Nikola and work together on an electric truck. GM had also planned to supply the startup with equipment for its hydrogen fuel cell trucks. Milton’s statements about Nikola came as the company joined the mounting number of tech and EV companies going public through special purpose acquisition vehicles, or SPACs.

He is st

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Nikola founder Trevor Milton convicted on three charges of fraud | EngadgetTrevor Milton, the founder and former executive chairman of Nikola, has been found guilty on three counts of fraud for misleading the electric vehicle company’s investors about its business and technology.. Hope he does some good time Most EV startups turn out to be fraud. Sad because it’s a cool company that honestly would rival Tesla and has great ideas, just made a stupid decision to lie and tell people their stuff is almost ready when it clearly was not
Source: engadget - 🏆 276. / 63 Read more »