Nikola founder Trevor Milton indicted for allegedly lying about “nearly all aspects of the business”

The indictment alleges that from November 2019 through September 2020, Milton made false and misleading statements about “nearly all aspects of the business” of developing electric and hydrogen-powered trucks.

Milton was taken into custody in New York early Thursday, said Audrey Strauss, US attorney for the Southern District of NY, at a Thursday press conference.

“Today’s criminal charges against Milton are where the rubber meets the road. Now Milton will have to answer in a court of law for his allegedly false and misleading statements,” said Strauss. “This is a very straight forward case. Milton told lies to generate popular demand for Nikola stock. Milton’s lies were instrumental in driving retail investors to eagerly buy up Nikola’s stock.”

In addition to criminal charges the Securities and Exchange Commission Thursday filed a civil complaint against Milton. But Nikola itself does not face either criminal or civil charges

Strauss said that Milton took…

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