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Trevor Milton of Nikola Motor Charged with Fraud

Rejected submission by at 2021-07-31 23:24:14 from the nothing-behind-the-curtain dept.

Motor Trend reports, [] that Nikola was really too good to be true--

A Federal grand jury has indicted Nikola Motor's former chairman Trevor Milton on charges of fraud. The jury said the executive was indicted for lying about "nearly all aspects of the business" to sell more stock and bolster the company financially.

The suit primarily alleges Milton "engaged in a fraudulent scheme to deceive retail investors about Nikola's products, technical advancements, and commercial prospects for his own personal benefit in violation of the Federal securities laws."

The 65-page indictment also says Milton, the founder, largest shareholder, and former CEO of Nikola motor, used his social media presence and frequent appearances on podcasts and television to "flood the market with false and misleading information about Nikola."

The criminal charges include two counts of securities fraud and one count of wire fraud....They also asked the court to force him to "disgorge" any ill-gotten gains and pay an unspecified fine.

I wonder if GM will get their money back? []

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