U.S. prosecutors on Wednesday added a new wire-fraud charge to their case accusing Trevor Milton, the founder and former chief executive of Nikola Corp , of defrauding investors by lying about the electric- and hydrogen-powered truck maker.
Trevor Milton, founder and former-CEO of Nikola Corp., exits the Manhattan Federal Courthouse following an appearance in New York City, U.S., July 29, 2021. REUTERS/Eduardo Munoz/File PhotoNEW YORK, June 22 - U.S.
Milton previously pleaded not guilty to two counts of securities fraud and one count of wire fraud over statements he made from November 2019 to September 2020 about Nikola.His trial is scheduled for July 18 in the federal court in Manhattan. Lawyers for Milton did not immediately respond to requests for comment. The office of U.S. Attorney Damian Williams in Manhattan did not immediately respond to a similar request.
Milton's criminal case is among the most prominent involving a company that went public after merging with a special-purpose acquisition company, or SPAC. Critics say that process is prone to conflicts of interest and shoddy due diligence. Nikola went public in June 2020. Authorities said Milton misled investors about the company in social media posts, TV appearances and podcast interviews designed to drive up its stock price and bolster his stature as an entrepreneur.Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis and Nick Zieminski
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