Milton left the company, with the Department of Justice & SEC both opening separate investigations against his actions, for which he was indicted by a grand jury.
Nikola Motors founder and former Chairman, Trevor Milton, has been found guilty on 3 out of the 4 counts of fraud in a New York court.
The federal court charged Milton with two counts of securities fraud and two counts of wire fraud pertaining to some of the statements he made while being the Chairman & CEO of Nikola. Milton initially made tall claims of producing hydrogen-fueled Class 8 trucks to take on the Tesla Semi. The company even claimed to introduce a hydrogen-electric truck called the Badger with the help of General Motors.
However, reports from Hindenburg Research claimed that the brand's first hydrogen truck was staged, with Nikola just rolling it down the hill, giving a perception of it being driven. The company eventually admitted to the ruse without any apology.
Recently thereafter, Milton left the company, with the Department of Justice & SEC both opening separate investigations against his actions, for which he was indicted by a grand jury.
Milton could have faced up to 25 years in prison if he had been convicted on all four counts. However, since he was found guilty on 3 of them, it remains to be seen what the punishment would be.
Source: Electrek