The founder of Nikola Corp. was convicted Friday of charges he deceived investors with claims about his company's progress in producing zero-emission 18-wheel trucks fueled by electricity or hydrogen.
, as a con man while his lawyer called him an inspiring visionary who was being railroaded by overzealous regulators.
"The lies — that is what this case is about," prosecutor Matthew Podolsky told the jury in closing arguments Thursday. Prosecutors alleged that Nikola — founded by Milton in a Utah basement six years ago — falsely claimed to have built its own revolutionary truck that was actually a General Motors Corp. product with Nikola's logo stamped onto it. There also was evidence that the company produced videos of its trucks that were doctored to hide their flaws.
Nikola CEO Mark Russell was called as a witness and he testified that Milton"was prone to exaggeration" in pitching his venture to investors.
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