Founder of Nikola Corporation found guilty of fraud charges
On Friday, the former head of Nikola Corporation has been found guilty of fraud charges after exaggerating claims to investors of his company’s zero-emission 18-wheel trucks.
The jury reached the verdict against Trevor Milton after deliberating for about five hours in a Manhattan federal court.
Prosecutors alleged the company falsely claimed to have built its own truck that was actually a General Motors product with a Nikola logo stamped onto it. There was also evidence the company produced videos of its trucks that were doctored to hide flaws.
The company’s current CEO testified that Milton was prone to exaggeration in investor pitches.
Nikola still runs out of its Arizona-based headquarters.