Former Nikola CEO found guilty of defrauding investors with lies about hydrogen truck
Trevor Milton, founder and former CEO of electric and hydrogen vehicle company Nikola, has been found guilty on three counts of fraud after a jury decided that he lied to investors to increase the startup’s stock. An indictment filed in 2021 accused the company of staging a video that purportedly showed its Nikola One semi driving under its own power, when it was actually rolling down a hill.
Milton was also accused of misleading investors about where the batteries in its vehicles came from, the development process for its pickup truck, and about how far the vehicles were in development, according to Reuters. He stepped down from his role as CEO in September 2020.
Milton’s charges include one count of securities fraud, and two counts of...