Nikola Founder Trevor Milton Found Guilty of Fraud

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. CNBC reports: 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. Milton faced up to 25 years in prison if convicted on all four 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. Those lies, prosecutors said, were intended to induce investors to bid up the price of Nikola's stock. '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 his opening statement in September. Timeline of events:

June, 2016: Nikola Motor Receives Over 7,000 Preorders Worth Over $2.3 Billion For Its Electric Truck
December, 2016: Nikola Motor Company Reveals Hydrogen Fuel Cell Truck With Range of 1,200 Miles
February, 2020: Nikola Motors Unveils Hybrid Fuel-Cell Concept Truck With 600-Mile Range
June, 2020: Nikola Founder Exaggerated the Capability of His Debut Truck
September, 2020: Nikola Motors Accused of Massive Fraud, Ocean of Lies
September, 2020: Nikola Admits Prototype Was Rolling Downhill In Promo Video
September, 2020: Nikola Founder Trevor Milton Steps Down as Chairman in Battle With Short Seller
October, 2020: Nikola Stock Falls 14 Percent After CEO Downplays Badger Truck Plans
November, 2020: Nikola Stock Plunges As Company Cancels Badger Pickup Truck
July, 2021: Nikola Founder Trevor Milton Indicted on Three Counts of Fraud
December, 2021: EV Startup Nikola Agrees To $125 Million Settlement
September, 2022: Nikola Founder Lied To Investors About Tech, Prosecutor Says in Fraud Trial

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