The U.S. fraud trial of Trevor Milton, the founder and former chief executive of Nikola Corp who prosecutors accuse of lying to investors about the electric- and hydrogen-powered truck maker, began on Monday in New York with jury selection.
CEO and founder of U.S. Nikola Trevor Milton attends a news conference held to presents its new full-electric and hydrogen fuel-cell battery trucks in partnership with U.S. Nikola, at an event in Turin, Italy, December 3, 2019. REUTERS/Massimo PincaNEW YORK, Sept 12 - The U.S. fraud trial of Trevor Milton, the founder and former chief executive of Nikola Corp
Prosecutors have said Milton sought to deceive investors about the company's technology starting in November 2019. He left the company in September 2020 after a report by short seller Hindenburg Research called the company a "fraud." Milton was indicted last year. Prosecutors said he made false statements about Nikola's progress on developing its technology as the company joined the mounting number of tech and electric vehicle companies going public through special purpose acquisition vehicles, or SPACs.
Milton's statements on social media and in podcasts targeted retail investors who piled into the stock market during COVID-19 pandemic-related lockdowns, they said. Milton also stands accused of defrauding the seller of a Utah ranch, who said in a civil lawsuit that he accepted Nikola stock options as part of the purchase price based on the former CEO's claims about the company.
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