Trevor Milton, the billionaire founder and former chief executive of Nikola, was criminally charged with defrauding investors by lying to them about the electric- and hydrogen-powered truck maker's products and technology
NEW YORK, July 29 - Trevor Milton, the billionaire founder and former chief executive of Nikola Corp
Authorities said Milton relied on a public relations blitz of social media posts as well as TV and podcast interviews to drive up Nikola's stock price, become one of the world's 100 richest people and "elevate" his stature as an entrepreneur. Each criminal count carries a maximum prison term of 20 or 25 years. The U.S. Securities and Exchange Commission filed related civil charges."Trevor is innocent," Milton's lawyer Marc Mukasey said in an email. "There was no fraud. We're ready to fight this case at trial."
Milton stepped down as Nikola's executive chairman last September, two weeks after short-seller Hindenburg Research labeled the company a "fraud" and said it made many misleading statements about its technology. "Corporate officers cannot say whatever they want on social media without regard for the federal securities laws," SEC enforcement chief Gurbir Grewal said at the news conference.
In 2018, Musk and Tesla each agreed to pay $20 million in civil fines to settle SEC charges over a Musk tweet.Nikola initially denied Hindenburg's accusations, but in February said a review by an outside law firm uncovered statements by Milton and the company that were partially or completely wrong.
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