New York federal prosecutors charge Trevor Milton, the founder of electric truck company Nikola, with engaging in an audacious scheme to defraud investors, according to indictment.
CEO and founder of U.S. Nikola, Trevor Milton speaks during presentation of its new full-electric and hydrogen fuel-cell battery trucks in partnership with CNH Industrial, at an event in Turin, Italy, Dec. 2, 2019.New York federal prosecutors have charged Trevor Milton, the founder of electric truck company Nikola, with engaging in an audacious scheme to defraud investors, according to an indictment unsealed Thursday.
“Milton sold a version of Nikola not as it was – an early stage company with a novel idea to commercialize yet-to-be proven products and technology – but rather as a trail-blazing company that had already achieved many groundbreaking and game-changing milestones,” the indictment says. Federal prosecutors say Milton falsely claimed, for instance, that Nikola’s first semi-truck prototype could be driven under its own power and even created a misleading video that purported to show it. Milton also falsely claimed that the company was producing hydrogen at a cost that was four times less than the prevailing market rates and that it had obtained “billions and billions and billions and billions” of dollars of committed orders for an electric pickup truck.
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