Trevor Milton, the founder of electric truck maker Nikola, was convicted of fraud after being accused of bragging about nonexistent technology in an attempt to inflate his company’s stock price. “Trevor Milton is a con man,” Assistant U.S. Attorney Jordan Estes said. “He lied to investors to get their money, plain and simple.”
On Friday, a federal jury in U.S. District Court in Manhattan found Milton guilty of defrauding investors by lying about the supposed technical achievements of Nikola, according to a report by the New York Times.
Milton was convicted of one count of securities fraud and two counts of wire fraud. The more serious of the counts carries a maximum prison sentence of 20 years.
Nikola Motor Company’s truck model (Nikola)
The jury reportedly delivered the verdict after about six hours of deliberation, following four weeks of testimony. U.S. District Judge Edgardo Ramos allowed Milton to remain free on a $100 million bond until sentencing in January.
That’s the one Biden said he drove !!!!