Малышка Jeff Milton оголилась возле балкона
Малышка Jeff Milton оголилась возле балкона
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Prosecutors accused Trevor Milton of using social media and interviews on television, podcasts and in print to make false and misleading claims about Nikola's trucks and technology.
REUTERS
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convictions
electric cars
fraud
trials
10/14/22
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Nikola founder Trevor Milton on Friday was convicted by a jury of fraud in a case alleging he lied to investors about the electric vehicle company’s technology .
The jury found Milton guilty on one count of securities fraud and two counts of wire fraud after deliberating for around five hours. Milton was acquitted on an additional count of securities fraud.
During the trial in federal court in Manhattan, prosecutors depicted Milton, 40, as a “con man” who sought to deceive investors about the electric- and hydrogen-powered truck maker’s technology starting in November 2019.
Milton, wearing a blue suit and green tie, shook his head as the jurors confirmed their verdict. His attorney said he will file court papers challenging the verdict.
Milton, of Oakley, Utah, was indicted in July 2021. He left Nikola in September 2020 after a report by short seller Hindenburg Research called the company a “fraud.”
Prosecutors accused Milton of using social media and interviews on television, podcasts and in print to make false and misleading claims about Nikola’s trucks and technology.
They said Milton’s improper statements included that Nikola built an electric- and hydrogen-powered “Badger” pickup from the “ground up,” developed batteries in-house that he knew it was purchasing elsewhere and had early success in creating a “Nikola One” semi-truck he knew did not work.
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 also was accused of defrauding the seller of a Utah ranch, who accepted Nikola stock options as part of the purchase price based on Milton’s claims about the company.
The defense and the prosecution delivered closing arguments to the jury on Thursday in a trial that began on Sept. 13. The prosecution said Milton was obsessed with the company’s stock price and made the statements to inflate it and his own net worth. The defense said prosecutors had distorted Milton’s statements about Nikola’s plans to shake up the automotive industry.
Sentencing for Milton was set for Jan. 27.
Nikola founder Trevor Milton found guilty of fraud over statements he made while CEO of the EV company
Published Fri, Oct 14 2022 4:19 PM EDT Updated Fri, Oct 14 2022 5:43 PM EDT
Trevor Milton was found guilty of three of four counts of fraud on Friday. The founder of Nikola was charged with making fraudulent statements to drive up the value of Nikola's stock.
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Trevor Milton, the founder and former chairman and CEO of electric heavy truck maker Nikola, was found guilty in federal court Friday of three of four counts of fraud relating to false statements he made to drive up the value of Nikola's stock.
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 will be sentenced on Jan. 27. He faced up to 25 years in prison if convicted on all four counts.
"Trevor Milton lied to Nikola's investors — over and over and over again. That's fraud, plain and simple," said Damien Williams, the U.S. Attorney for the Southern District of New York. Williams said that the case against Milton should "serve as a warning" to others who make misrepresentations to investors. "It won't end well," he said.
WIlliams' 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 .
Nikola's stock price briefly surged to over $90 per share in June 2020, just days after it went public via a merger with a special purpose acquisition company. For a short period, Nikola — a company with no revenue — was more valuable than century-old Ford Motor .
That ambitious valuation didn't last. Nikola's shares fell sharply once Milton was forced out of the company in September 2020, after the company's board of directors found that some of the fraud allegations made by short-seller Hindenburg Research had merit.
The U.S. Department of Justice and the Securities and Exchange Commission both opened investigations in the months following Milton's departure. In July 2021, a grand jury indicted Milton on three counts of fraud ; a fourth count was added in June 2022.
Nikola itself wasn't facing charges in this case. The SEC had brought related civil charges against the company last year. Those charges were settled in December after Nikola agreed to pay a $125 million fine . Although Milton still owns Nikola stock, the company had otherwise cut ties with him.
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Доступ к информационному ресурсу ограничен на основании Федерального закона от 27 июля 2006 г. № 149-ФЗ «Об информации, информационных технологиях и о защите информации».
Доступ к информационному ресурсу ограничен на основании Федерального закона от 27 июля 2006 г. № 149-ФЗ «Об информации, информационных технологиях и о защите информации».
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