Founder & Fraudster of Nikola Motor Convicted of Lying to Investors

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    By DCB Editorial, October 17, 2022

    Final week Trevor Milton the founding father of Nikola Motors was convicted of fraud and deception by a U.S. federal court docket.

    The trial passed off in New York, and after 5 hours of deliberation, the jury returned a responsible verdict on two counts of wire fraud and one rely of securities fraud. Prosecutors revealed Milton engaged in an old school and complicated fraud. He was described by prosecutors as a “con man” who lied to buyers to spice up his private wealth and that of his firm’s share worth.

    Prosecutors asserted that Milton was obsessive about getting his title on Forbes’ high 100 billionaire listing as some type of validation. After his lies had been uncovered by an influential funding analysis agency, Milton’s personal board testified in opposition to him throughout the trial. The jury heard that Milton used his ill-gotten beneficial properties to purchase a non-public jet and luxurious properties in Turks and Caicos.

    The Jury additionally heard a number of examples of Milton making false statements within the media. The trial additionally revealed how Milton used a full-sized dummy Nikola Semi Truck throughout a company presentation. Milton detailed the truck’s electrical propulsion system when none was fitted and even prepared on the time.

    One sufferer of Milton’s deception and fraud was a vendor of a Utah ranch who accepted inventory choices as a part of the sale based mostly on Milton’s assertion about ascending worth of Nikola Motors. Milton exited the corporate in 2020 and was indicted a 12 months later. He was convicted of fraud and deception on October 14th after a 5 week trial.

    Nikola shares ended final week at $3.06, considerably down from its debut worth of $74,19 in June 2020. The Manhattan federal court docket has set Milton’s sentencing date for January 24, 2023.

    Trevor Milton - Founder & Fraudster of Nikola Motors

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