The founder of Nikola Corp. has been found guilty on charges he duped investors with exaggerated claims about his company’s production of zero-emission 18-wheel trucks.
Trevor Milton was convicted Friday, Oct. 14, 2022, on charges that he deceived investors with exaggerated claims about his company's progress in producing zero-emission 18-wheel trucks, fueled by electricity or hydrogen. • The wealthy founder of Nikola Corp. was convicted Friday of charges he deceived investors with exaggerated claims about his company’s progress in producing zero-emission 18-wheel trucks fueled by electricity or hydrogen.
At trial, the government had portrayed Milton as a con man while his lawyer called him an inspiring visionary who was being railroaded by overzealous prosecutors. — 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.
Mukasey urged acquittal, saying there was “a stunning lack of evidence” that his client ever intended to cheat investors.
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