Billionaire ex-chief executive leaves court after being charged

Trevor Milton, 39, appeared in Manhattan Federal Court, New York City, Thursday afternoon where he entered his plea and was released on $100 million bond. He was indicted on two counts of securities fraud, including making false statements about the company, and wire fraud Thursday. Federal prosecutors said that, from November 2019 to September 2020, he schemed to defraud investors into buying Nikola shares as he took the company public. His allegedly false statements included: claims about the success of the Nikola One semi-truck prototype when he knew it did not work and could not even be driven; claims the company had built an electric- and hydrogen-powered Badger pickup from the 'ground up' which was actually a Ford vehicle covered in the company's branding; and claims that Nikola had developed batteries in-house that Milton knew it was purchasing elsewhere. He is ordered to forfeit all property 'traceable to the commission of said offenses,' which will likely include the more than $1 billion from taking Nikola public last June. Shares in Nikola plummeted more than 9% pre-trading to below $13 a share. The DOJ and SEC launched an investigation in September following a damning report from Hindenburg Research alleging Milton lied about the company's technology.

Original Article: http://www.dailymail.co.uk/news/article-9839711/Nikola-founder-Trevor-Milton-indicted-US-misleading-investors.html
Original Video: http://www.dailymail.co.uk/video/news/video-2470681/Video-Billionaire-ex-chief-executive-leaves-court-guilty-charge.html

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