Nikola Founder’s Trial Closes
He’s accused of lying to investors about electric truck maker’s progress and capabilities.
Nikola makes electric trucks, related products.
IMAGE: Nikola Corp.
Prosecutors made closing arguments in their fraud case against the founder of electric truck maker Nikola.
Trevor Milton, who faces two counts each of securities fraud and wire fraud, lied about multiple aspects of the venture, prosecutors told Manhattan federal court jurors, including its hydrogen fuel innovation.
The prosecutors say Milton convinced investors to scoop up Nikola shares by painting a false picture of its products’ status and capabilities, contending that he spread the lies on various media and to individuals.
Milton has pleaded not guilty to the charges, and his lawyers say he had no intention of deceiving anyone. He resigned from Nikola two years ago.
He founded the company in 2015, according to its website, in Utah, naming it after electrical engineer and inventor Nikola Tesla, and aiming to make electric vehicles, vehicle drivetrain components and energy-storage systems. It’s now headquartered in Phoenix, Arizona, and employs more than 900 people, according to the website.
Originally posted on Auto Dealer Today
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