By Phoenix Business Journal staffTrevor Milton, the founder and former executive chairman of Phoenix-based Nikola Corp. was found guilty of fraud Friday afternoon based on allegations he had lied about the electric vehicle company’s technology.that after five hours of deliberation a federal jury found Milton guilty of one count of securities fraud and two counts of wire fraud. He was acquitted of one additional count of securities fraud.
On the flip side, Milton’s attorneys said their client didn’t intend to defraud the company and that any statements he made weren’t the cause of the crash of Nikola’s stock price that cost the company billions.Trouble started for Milton in September 2020 after short seller Hindenburg Research published a report calling Nikola “an intricate fraud built on dozens of lies.” Milton left the company soon thereafter.
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