Trevor Milton, founder of electric carmaker Nikola indicted on 3 counts of fraud

CNBC: A federal grand jury charged Nikola founder Trevor Milton with three counts of criminal fraud for lying about “nearly all aspects of the business” to bolster stock sales of the electric vehicle start-up, according to an indictment unsealed Thursday.

The U.S. Attorney’s Office in Manhattan accused the 39-year-old billionaire, who resigned as chairman in September, with two counts of securities fraud, including making false statements about the company, and wire fraud.

The Securities and Exchange Commission also filed civil securities fraud charges against Milton on Thursday. The SEC asked the U.S. District Court of the Southern District of New York to permanently bar him from acting as an officer at a company that issues securities, to disgorge all ill-gotten gains and pay a fine. more

9 Comments on Trevor Milton, founder of electric carmaker Nikola indicted on 3 counts of fraud

  1. Used to be whenever I read stories like this my first reaction was ,”The cheating bastard, string him up”. Now, thanks to the perversion of justice and the weaponization of all of our investigative bodies, I figure this is more “an investigation in search if a crime” bullshit that our government loves to indulge in.

    Now more than ever we must adhere to the principal of the presumption of innocence. If they got the goods, prove it.

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  2. Some industries there is no way to make a profit legally, Electric cars, green energy and the like. You have to get Gov. Subsidies and then fudge the results.

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  3. “..three counts of criminal fraud for lying about “nearly all aspects of the business…”

    The first clue something was amiss, was the claim his cars would be powered by a flux capacitor.

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