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CEO and Founder of US Nikola Trevor Milton speaks during the presentation of his new fully electric and hydrogen fuel cell trucks in partnership with CNH Industrial at an event in Turin, Italy, December 2, 2019.
Massimo Pinca | Reuters
Trevor Milton, founder of Nikola Corp., has been charged with three counts of fraud by the U.S. Attorney’s Office in Manhattan as part of its investigation into the start of the troubled electric vehicle.
Federal prosecutors have accused Milton, who resigned as chairman in September, of making misleading and false statements about “almost every aspect of the business,” according to a grand jury indictment released Thursday .
The grand jury said Milton would forgo all property “traceable to the commission of said offenses,” which would likely include the more than $ 1 billion he earned when Nikola went public in June 2020.
Numerous allegations of false and misleading statements were first discovered by short seller Hindenburg Research in September.
Hindenburg accused Milton of making false claims about Nikola’s technology in order to grow the business and partner with automakers. The report, titled “Nikola: How to Link an Ocean of Lies to Partnering with America’s Biggest Auto Maker,” was released two days after the company announced a deal with General Motors that skyrocketed prices. shares of both companies. He characterized Nikola as a “complex fraud built on dozens of lies” by Milton.
This is last minute news. Please check for updates.
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